US stock futures sharply sank and Treasuries extended gain after China retaliated with higher tariffs on $60 billion worth of US imports. Finding positive catalysts for riskier assets will get tougher as American officials are expected to announce imposition of higher tariffs on all remaining imports from China today. Again, companies with China exposure such as trade bellwether Caterpillar and Apple led the sell-off in equities this morning. With optimism for a solution to the trade deadlock in near future quickly disappearing, global equities declined from Europe to Asia as well. In corporate news, Vodafone, Alibaba, Tencent, Cisco, and Nvidia are among the companies which are scheduled to post their earnings results this week. Elsewhere, WTI crude gained this morning, trading above $62 a barrel. In the economic calendar, there is no scheduled release but later today, the US Treasury is scheduled to auction off $39 billion of 3-month bills and $36 billion of 6-month bills at 8:30 AM (PT).
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US stock futures sharply sank and Treasuries extended gain after China retaliated with higher tariffs on $60 billion worth of US imports. Finding positive catalysts for riskier assets will get tougher as American officials are expected to announce imposition of higher tariffs on all remaining imports from China today. Again, companies with China exposure such as trade bellwether Caterpillar and Apple led the sell-off in equities this morning. With optimism for a solution to the trade deadlock in near future quickly disappearing, global equities declined from Europe to Asia as well. In corporate news, Vodafone, Alibaba, Tencent, Cisco, and Nvidia are among the companies which are scheduled to post their earnings results this week. Elsewhere, WTI crude gained this morning, trading above $62 a barrel. In the economic calendar, there is no scheduled release but later today, the US Treasury is scheduled to auction off $39 billion of 3-month bills and $36 billion of 6-month bills at 8:30 AM (PT).
The curve has bull-steepened with UST 10-Year yield down 6.57 bps.