Election Called, Wider Matters Eyed At Start Of New Week

Early price action has seen some modest cheapening of YM & XM, with the space tracking the wider market impetus in the wake of the first round of the French Presidential election. The contracts are marginally above their early session lows in what has been a contained start to the new week, leaving YM -3.0 & XM -5.0.

• •Domestic weekend news was dominated by political matters, with PM Morrison declaring that the Federal Election will be held on 21 May.
• •To recap, futures were modestly cheaper in the final post-Sydney session of last week, although comfortably clear of worst levels of the day come the close.
• •There isn’t much in the way of notable calendar risk evident during Monday’s Asia-Pac session, with the latest round of Chinese inflation data providing the only real point of note. That means headline watching and digestion will be at the fore.