Free Trial

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.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.