Reply To: Traders Market Weekly: Memorial Weekend a Time for Reflection


US futures off to positive starts

The global equity markets are mostly higher. S&P Futures are up about 26 points to trade around the 3925 area. The market has been fairly quiet with a modest range expansion during the European hours. The S&P traded as high as 3955.50 while the low sits at 3910.25.

In Asia, China closed flat while Japan gained 1%. The Shanghai Composite was unable to gain any traction after authorities-imposed lockdowns to certain districts in Beijing after reporting the highest daily tally in the latest outbreak. In Japan, the Nikkei posted solid gains led by strength in shipping stocks. As such, names like Kawasaki Kisen Kaisha and Mitsui OSK Lines rose 3-5%.

In Europe, the major bourses are mixed. German IFO surveys topped expectations and helped support the DAX. Financials are among the best performing groups with lenders such as Deutsche Bank, Commerzbank and Societe Generale up 2-4%. With Crude oil futures back over $111, energy producers such as Shell and BP are up around 2%.