US equity futures were marginally in the red, while Asian markets rose and European stocks dropped. WTI oil rose 0.6% to $42.79 as some suggest the time to go long has arrived; oil tumbled 2.3% in the previous session. The Bloomberg Dollar Spot Index fell 0.1 percent.
Here are the main market developments while you were sleeping.
As the global equity research market continues to wrestle with how they will comply with the European Union's MiFID II regulations, McKinsey & Co. has just penned a new study effectively saying they'll have no choice but to fire a ton of equity research analysts who write a bunch of stuff that no one ever reads...which seems like a reasonable guess. Per Bloomberg:
Via GEFIRA.org,
Less than a month after German Chancellor Angela Merkel warned that “Europe must take its fate into its own hands,” Finance Minister Wolfgang Schaeuble implored US President Donald Trump to reconsider his “America First” policy, claiming that a pullback by the US would risk the destruction of “our liberal world order” by ceding influence to the Chinese and the Russians.