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Pre-Market Trading: Risk On Sentiment

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WORLD HEADLINES – Optimism OPEC ministers in Vienna will salvage a deal to cut production reverberated through the financial markets, spurring oil’s biggest gain in two weeks as risk on sentiment dominated. Currencies of commodity-exporting nations traded higher.

STOCKS – E-mini futures for the S&P 500 traded higher during the overnight session, pointing to a higher Wall Street open.

BONDS – Treasury ten year notes traded lower, near a short term key support level.

COMMODITIES – Base metals rebounded in London, with zinc climbing 1.5 percent and copper gaining 1.2 percent. The London Metal Exchange Index tumbled 3.4 percent on Tuesday, its biggest one-day retreat in more than a year.

CURRENCIES – The Canadian dollar traded higher, helped by crude oil futures. The British pound traded lower while the US dollar was slightly lower.

ECONOMIC DATA – US ECB President Draghi Speaks at 7:30, ADP Non-Farm Employment Change at 8:15, US Personal Spending m/m and CAD GDP at 8:30, Chicago PMI at 9:45, Pending Home Sales m/m at 10:00, Crude Oil Inventories at 10:30, German Buba President Weidmann Speaks at 11:00, FOMC Member Powell Speaks at 11:45, CNY Manufacturing PMI at 20:00, CNY Caixin Manufacturing PMI at 20:45 ET.