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Risk-Positive Price Action Creeps In

CROSS ASSET

Light risk-positive price action has crept in over the last 30 minutes or so. As we noted in an earlier bullet, Shanghai registered a third straight day of zero COVID transmission outside of quarantine facilities, which will validate the weekend announcement re: the commencement of a gradual re-opening of the city, starting yesterday (that 3 day watermark was the litmus test when it comes to pursuing re-opening). This is probably behind the wider price action, although it isn’t particularly game changing news in a sense. A reminder that Shanghai also flagged that the city will start to consider the prospect of a move towards “normal life” from early June, COVID case dependent.

  • S&P 500 e-minis last print +0.5%, while cash Tsys are 1-2bp cheaper across the curve.
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Light risk-positive price action has crept in over the last 30 minutes or so. As we noted in an earlier bullet, Shanghai registered a third straight day of zero COVID transmission outside of quarantine facilities, which will validate the weekend announcement re: the commencement of a gradual re-opening of the city, starting yesterday (that 3 day watermark was the litmus test when it comes to pursuing re-opening). This is probably behind the wider price action, although it isn’t particularly game changing news in a sense. A reminder that Shanghai also flagged that the city will start to consider the prospect of a move towards “normal life” from early June, COVID case dependent.

  • S&P 500 e-minis last print +0.5%, while cash Tsys are 1-2bp cheaper across the curve.