A look at the day ahead in U.S. and global markets from Mike Dolan.
Asian and European bourses climbed and U.S. futures were higher ahead of their 5th session of 2023 - reminding some of an oft-cited 'five day rule' which suggests U.S. stocks tend to gain for the year ahead if they are net positive after 5 days.
Although 10-year U.S. Treasury yields nudged up on Monday, they hit their lowest in three weeks after the jobs data and service industry reports. Fed futures see about another 60 basis points of Fed hikes to just under 5% by mid-year and then a half point of rate cuts over the second half of 2023. The dollar, meantime, bore the burnt of Friday's market shift - most notably against China's yuan on Monday amid optimism about the COVID reopening news. The offshore yuan hit its highest since August.
The gap between positive euro zone economic surprise indices and negative U.S. equivalents is now at its widest since June.
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