12th May 2020 Overnight Market Wrap

Key Points

U.S. stocks and commodities mixed amid a lack of incentives
USD slightly firmer on the day on position adjustment
Today’s Chinese and U.S. CPI data to have little market impact

Bias: Risk neutral

Commentary

A very mixed session for equities in U.S. trade overnight, with high tech and healthcare stocks performing well, while most other sectors finished in the red. This saw the NASDAQ outperform both the DJIA and SP500.

The Big Dollar caught a light bid overnight, supported mainly by position adjustment. Rebalancing was also quoted, with the lackluster commodities sees a move back into the Dollar.

Oil prices were initially supported by news of yet another production cut from Saudi Arabia, before easing back into the close to end weaker on the day. Gold held a tight range.

Bias

Expect a quiet session in Asia today amid the lack of fresh cues from offshore markets. The Dollar may give back some of their overnight gains on profit taking, although with a lack of major data, expect a session of tight ranges. Data today sees Chinese CPI and PPI and U.S. CPI later this session.

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