U.S benchmark finished lower yesterday, a day after President Trump poured cold water over trade hopes. One topic at our trade desk yesterday morning was the resilience in U.S Treasuries ahead of U.S hours, as if they were the canary in the coal mine for a weak session to come.
U.S benchmarks are holding ground at record levels ahead of a deluge of bank earnings, economic data and Fed speak. Citigroup kicked things off yesterday beating top and bottom-line estimates but finished near unchanged.
Price action is lingering just below with U.S and China trade talks and Middle East tensions front and center. China confirmed this morning that lower-level delegates are preparing for a meeting between President Trump and President Xi on the sidelines of the G-20 Summit June 27-29.
There once was a time not too long ago that you did not want to be short Crude Oil into the weekend with escalating geopolitical tensions.. Last night, President Trump authorized a military strike on Iran but called it off after back-channeling through Oman and letting Iran know that Washington would rather talk.