The global equity markets are off to muted starts. S&P Futures are down by about four points to trade around the 4450 area. After closing near the high of the day and week on Friday, the market has eased back. Buyers stepped in and defended the low of 4430.75. The high was set early in the session at 4463.25.
In Asia, China gained 0.1% while Japan was closed for public holiday. The Shanghai traded in a narrow range throughout the day. The uninspired action may have been the result of the PBOC leaving its benchmark interest rates unchanged. Meanwhile, the Nikkei was closed in honor of the Vernal Equinox.
In Europe, the major bourses are slightly higher. Markets saw a relief in the German PPI data. The February print rose just 1.4%, below the estimate of 1.7%. The FTSE is outperforming the region on the back of strength in energy names. Both BP and Shell are up about 2.5% in response to crude oil’s flirtation with the $109 area.