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By Tyler Durden

In the aftermath of last week’s disappointing G-20 Shanghai summit, there was much riding on this weekend’s start of the China’s People’s Congress, and specifically what if any stimulus announcement Beijing will make; sadly for stimulus addicts China mostly disappointed and after the unimaginative scope of growth proposals, it is hardly surprising that European stocks and US equity futures have taken a leg lower, even if Chinese stocks rose and certain commodities such as Iron Ore soared overnight on hopes China will either “rationalize” capacity or at least build some more roads to nowhere. Others, such copper were less lucky.

While few will admit, what is happening is that China has effectively confirmed the current reform cycle has been a failure and is going back to square one: as Nicola Marinelli, a fund manager at Pentalpha Capital In London

WTI extends gains to 2 month highs after the U.S. rig count fell to lowest since Dec. 2009. Brent touches highest since Dec. amid speculation ECB will increase stimulus when it meets Thursday. “On the supply-side we are continuing to see a freefall in the rig count, which confirms what has been the U.S. supply outlook for some time that we’d see production stop gaining and decline this yr,” says Danske Bank senior analyst Jens Pedersen. “The rate the rig count has fallen means output may decline harder than what was expected.”

As of this moment, according to Bloomberg, European shares fell with metals, while the dollar and German bonds climbed, as investors assessed the impact of China’s growth plans and the potential for European Central Bank stimulus measures this week. Miners led declines in the Stoxx Europe 600 Index, with Glencore Plc and Anglo American Plc among the biggest losers, a turnaround from last week’s rally. Copper fell from a four-month high, while investors continued adding to gold holdings. French bonds led gains in euro-area government securities, while the euro sank on speculation the ECB will lower the deposit rate and boost bond purchases. Crude extended last week’s gains.

The Stoxx 600 was down 0.8 percent as of 11:06 a.m. London time, while copper sank 0.8 percent. The euro fell 0.5 percent to $1.0956 and yields on German 10-year bonds fell three basis points to 0.2 percent.

Where the markets stand now:

• S&P 500 futures down 0.5% to 1986
• Stoxx 600 down 0.9% to 339
• FTSE 100 down 0.9% to 6145
• DAX down 1.3% to 9695
• German 10Yr yield down 4bps to 0.2%
• Italian 10Yr yield down 2bps to 1.44%
• Spanish 10Yr yield up 2bps to 1.58%
• MSCI Asia Pacific down 0.2% to 126
• MSCI Asia Pacific down 0.2% to 126
• Nikkei 225 down 0.6% to 16911
• Hang Seng down less than 0.1% to 20160
• Shanghai Composite up 0.8% to 2897
• US 10-yr yield up 3bps to 1.9%
• Dollar Index up 0.25% to 97.59
• WTI Crude futures up 1.1% to $36.32
• Brent Futures up 1% to $39.10
• Gold spot up 0.7% to $1,268
• Silver spot …read more

  Source: Futures Lower On Lack Of China Stimulus; Oil Squeeze Continues; Gold Spikes Ahead Of ECB

      

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  Posted March 7th, 2016 in Uncategorized.