OptionEye Global Macro Outlook April 4th
That is the word of the year.
Overnight sees corn down almost 11 cents, beans down 41 and wheat off a mere 4 cents. China has signalled a willingness to levy an additional 25% tariff on imports of 106 US products - beans, autos and aircraft.
Hang on for this wild ride.
The dollar is steady at 90.04 down .15.
The stock market was higher yesterday but overnight has seen some selling like we have seen in the agriculture markets. The S&P is lower by 37 points and the Dow future down 439.
The 10 year yield stands at 2.76%.
The crude oil market is lower as well at $62.34 down $1.17. The gold market has rallied in the face of the confusion to $1342.92 up $0.10.
today we get MBA Mortgage Applications, ADP Employment Change, Markit US PMI's, ISM Non-Manufacturing Composite, Factory Orders, Durable Goods and Capital Goods.