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Risk-On Sentiment Despite G7 Clash

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WORLD HEADLINES – Risk-on sentiment edged on Monday, shrugging off the weekend’s fractious G7 meeting as investors looked forward to an event-packed week while receding tensions in Italy nudged the euro towards a recent three-week high.

STOCKS – While stocks wobbled and the dollar edged higher in initial reaction to the G7, which Societe Generale termed as a “mess”, markets quickly recouped losses, with stocks firmer across the board on expectations that any withdrawal in policy stimulus would be very gradual on the backdrop of rising trade tensions.

BONDS – Bond yields tumbled by 25-50 basis points across the board in Italy while the euro firmed, nearing a recent three-week high. Treasuries retreated from recent gains.

COMMODITIES – Oil prices slipped on rising Russian production and increasing U.S. drilling activity.

CURRENCIES – The U.S. dollar traded range bound during the overnight trading session.

ECONOMIC DATA – US 10-y Bond Auction due at 13:01 ET.

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