- S&P 500 Futures edges higher around record top marked last week.
- Off in US, Canada, light calendar and covid jitters probe the traders.
- Pre-ECB, BOC and RBA caution adds to the upside filters.
S&P 500 Futures portray a dull start to the key week, down 0.10% intraday around 4,530 during early Monday. The risk barometer takes clues from the fresh coronavirus woes and a lack of major data/events of late.
Additionally challenging the key US stock future gauge is the holiday in the US and Canada, as well as fears of disappointment from the European Central Bank (ECB), Reserve Bank of Australia (RBA) and the Bank of Canada (BOC) during their upcoming monetary policy this week.
Although Australia’s most populous state New South Wales marks a bit of easing in the covid figures, the second highly populated state Victoria reports the fresh yearly top of infections. Elsewhere, New Zealand reports no new virus cases outside Auckland and is considering easing the alert level outside the capital.
Elsewhere, the US and China did flash easier COVID-19 data of late but the UK and India recently keep virus fears on the table.
Other than the virus woes, China–Taiwan tussles and an absence of major catalysts from the Asian major Japan, not to forget a light calendar elsewhere, adds to the market’s inactive performance. Also challenging the momentum traders is the off in the US and Canada.
Furthermore, this week comprises three key central bank meetings, namely the ECB, RBA and BOC, which in turn keeps the traders on their toes and curtail the previously risk-on mood. Additionally, downbeat US employment data for August and weak ISM Services PMI raise challenges for the global economic outlook and also poke optimists.
Moving forwards, second-tier data could entertain the traders amid an expected consolidation in the market’s mood.
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