- Oil slides as much as 4% at one stage on Monday but Brent futures settle only 1.35% lower at $73.23/bbl, suggesting a chunky risk premium remains in the price. Oil spiked 7% on Friday.
- Wall Street rebounds strongly, with the S&P 500 back above 6000 points and the Nasdaq gaining 1.4%.
- Nvidia shares rise 2% to the highest since Jan 24, within sight of the record peak of $153.13 from earlier that month. Shares are up almost 70% from the post-‘Liberation Day’ low.
- U.S. Treasury yields rise and the curve bear steepens despite a pretty solid 20-year bond auction. Longer-dated yields up 5 bps.
- Gold gives back Friday’s gains, sliding more than 1% to $3,386/oz. The dollar rises 0.5% against the yen ahead of the Bank of Japan’s rate decision on Tuesday.
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