Oil Price Spike Dominating Early Cross Asset Moves Post OPEC+ Supply Cut

Early sentiment is being dominated by the weekend news of the OPEC+ supply cut. US equity futures are off, while Treasury futures weaker, while the USD has firmed in aggregate, but oil related currencies are outperforming.

• Brent spiked above $86/bbl (high of $86.44/bbl)) at the open but is now back close to $85.50/bbl. This is still +7% above NY closing levels from the end of last week. WTI is last around $81/bbl, (earlier highs were just under $81/70/bbl).
• US Treasury futures have pared losses, TYM3 printed 114-18 before paring losses to sit at 114-21+. We remain well within Friday's range.
• In the equity space, the early impetus is for weakness. Last Eminis were down 0.1%, although we were off by 0.3% at one stage. Nasdaq futures are -0.4% at this stage.
• The USD is mostly firmer. The BBDXY up ~0.20%, last around 1232.00/10. USD.JPY is +0.3% higher to 133.25/30, while EUR and GBP are also weaker, down by 0.20%. EUR/USD was last at 1.0820/25, GBP/USD under 1.2320.
• NOK is outperforming, last +0.45%, to 10.42/43, although earlier lows came in under 10.3700. CAD is slightly firmer, but has seen support under 1.3500 (last 1.3495).
• AUD/USD is down slightly, last near 0.6680, while NZD is underperforming, off 0.25% to 0.6240/45.