Equity Markets on both sides of the Atlantic were buoyed by comments from Secretary of State Mike Pomeo who said that China’s Chief Diplomat, Yang Jiechi, reassured him the country would honour its Phase One Trade Commitments during a meeting in Hawaii. I have cautioned all week not to be short the S&P ahead of the June Expiration on Friday at 2.35 pm. The June S&P Futures Contract soared after I posted to settle an incredible 22 Handles above the Cash Equivalent at the time at a price of 3177. Remember it was only last Monday that the June Contract was trading at 2935. Positive negotiations on the Euro-Zone’s 750 billion rescue package helped boost European stocks despite the negative impact from German Payments firm Wirecard AG which led to the resignation of Chief Executive Markus Braun over a missing Euro 1.9 billion in cash. ECB President Lagarde warned the Euro-Zone’s leaders they faced market risks if they could not agree on a unified recovery fund. Adding to the positive feel was the better than expected UK Retail Sales data. However, by mid-afternoon, US Indices turned negative after increasing COVID-19 Cases were reported in Arizona, California, Texas and Florida in what turned out to be a wild trading session. The increased rate of infections led Apple to close a number of their stores over the weekend, to protect their employees. Overnight the S&P Futures reversed a 1% slide on low volume in Asia after the Australia State of Victoria announced that it was tightening restrictions due to increased cases. Elsewhere, Treasuries, Gold and Crude closed higher.
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