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Street Color: Optimism Returns as US Faces Labor Report, EU/UK Work Towards Favorable Brexit Deal

12/04/2020 | 08:04am

08:03 AM EST, 12/04/2020 (MT Newswires) -- It's a firm start in equities with US futures in the green alongside gains in most European and Asian share markets. It looks as though the markets have moved past reports late yesterday that Pfizer has scaled back 2020 vaccine production plans amid supply chain problems.

The FTSE has climbed 0.84% to lead European bourses amid positive Brexit headlines that a deal is "imminent." The DAX is bucking the bullish tone and has dipped 0.05% despite strong manufacturing orders.

Asian markets posted moderate gains with the CSI 0.18% firmer. The Nikkei was the exception, closing -0.22% lower.

The euro outperformed moderately during the London morning session, and was showing a 0.5% gain on the weakest of the main currencies, the Australian dollar.

Copper prices today posted new near-seven-year highs. WTI benchmark oil prices gained over 2% in making a new nine-month high at $46.68 after the OPEC+ group finally reached an agreement on quotas. This lifted the Canadian dollar and other oil correlating currencies. USD/CAD posted a fresh 26-month low at 1.2847, which is now the current culmination of a downtrend that's been prevailing since the March highs (when oil futures went sub-zero).

A major focus remains on Brexit. Tensions are scaling up in EU-UK negotiations, which if nothing else is a sure sign that they're very close to a deadline, which is reportedly tomorrow. A deal between the EU and UK is "imminent", expected before the end of the weekend, according to an EU source cited by Reuters. The same source also dismissed reports that the EU had, via alleged pressure from France, raised demands at the 11th hour on state aid rules, saying this was spin from a UK government source.

(Street Color news is derived from real time discussions with market professionals globally subscribed to the Street Color Premium Chat service on Bloomberg IB Chat and the ICE IM. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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