US futures turn higher but broader optimism still lacking

US futures turn higher but broader optimism still lacking

SPX

The downside push earlier came after the dreadful PMI readings from France and then Germany, with S&P 500 futures being down by 28 points, or 0.7%, at one point. There was a quick turnaround earlier before some moderation but we are seeing a slow uptick higher in the past hour or so.

That said, outside of equities, markets are still lacking broader optimism in general.

Bonds are still largely more bid with 10-year German bund yields down 17 bps to 1.44% and 10-year Treasury yields down 4 bps to 3.11% on the day. Meanwhile, the dollar and yen are still leading gains by a fair amount in the major currencies space. USD/JPY in itself is down 0.7% to 135.25 at the moment.

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