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Global Stocks Rebound From N.Korea ICBM Jitters; US Markets Closed For "Amexit Day"

Global Stocks Rebound From N.Korea ICBM Jitters; US Markets Closed For "Amexit Day"

With the US out on holiday for the 4th of July, overnight trading volumes have been muted, as Europe started off in the red but has since trimmed most losses (Stoxx 600 -0.1%) while S&P500 futures rose shaprly from session lows spurred by the European open ignoring the risk-off sentiment from North Korea's latest missile launch, trading 0.2% higher, or up 4 points to 2,429 and closing the gap to Monday's last minute tech-driven market selloff.

Bill Blain: "Welcome To The Second Half In Which Many Are Very Concerned About A Bubblicious Market Reversal"

From Bill Blain of Mint Partners.

Morning Porridge - July 3rd 2017

“If you can keep playing tennis when somebody is shooting a gun down the street, that’s concentration…”

* * *

Welcome to the second half of 2017. This week is likely to be thin - the first week of the great summer slowdown and Wimbledon, US holidays and payrolls on Friday.

But... what comes next?

S&P Futures, Euro Shares Start 2nd Half Solidly In The Green; Oil Rises For 8th Day

S&P Futures, Euro Shares Start 2nd Half Solidly In The Green; Oil Rises For 8th Day

S&P500 futures have started the second half solidly in the green, up 0.3% to 2,429, tracking European markets broadly in the green, while Asian stocks fell slightly and crude oil is little changed. With US markets set to close at 1pm today trading volumes in many markets remain light before Tuesday’s July 4th holiday and as investors await Friday’s report on the American jobs market. Traders will be looking at key upcoming economic data for validation of the hawkish shift from central banks that roiled markets last week. 

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