GameStop is back! It has already surged by 14% in pre-trade hours.
Stock futures head south in Asia
On Monday, stock futures found themselves in Asia due to the fact a standoff in China-US trade negotiations affected risk appetite, backing safe harbors, in particular the Japanese yen along with sovereign bonds.
As a matter of fact, Nikkei futures slumped by 0.9%, while E-Mini futures for the S&P 500 headed south by nearly 0.75%.
As for treasury futures, they gained due to speculation that a trade conflict would cloud global surge, thus keeping key major financial institutions accommodative.
China and America found themselves at a deadlock over trade talks on Sunday because the US government demanded pledges of concrete changes to Chinese law, while the Chinese cabinet told it wouldn’t tolerate anything harming its interest.
The trade conflict between the world's top two leading economies escalated on Friday, with America raising levies on $200 billion worth of China’s products American leader told that the Chinese government dared to break the deal by simply reneging on earlier commitments.
The head of global macro strategy at TD Securities, Michael Hanson told that there’s a huge probability that all Chinese goods would be subject to levies already in June.
In fact, the market reaction will solely depend on whether America and China keep negotiation their trade issues, whether the remaining $325 billion of American imports from China also get tariffed, how the Asian country respond, and also what happens to the 232 auto levies.
Under that scenario, the renminbi will probably slump 5%-6% versus the evergreen buck in the nearer months.
As for other key currencies were relatively calm, with the safe-haven Japanese yen still backed, although not aggressively so. The evergreen buck was worth 109.73 yen, which is above a 14-week minimum of 109.46.
The common currency was intact, sticking with $1.1235.
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