FAST FIVE: Futures, Global Stocks Jump As "Trade Deal Optimism" Makes Scheduled Appearance
Elsewhere, Deutsche Bank (-1.0%) shares fell following its AGM, although it's worth noting the Co.
However, the index is showing signs of stabilisation around support at 97.700 as the Buck bounces vs G10 and EM rivals ahead of durable goods and a long holiday weekend (Memorial Day in the US, and Spring Bank holiday in the UK).
In terms of the next steps in UK politics, following the leadership contest, a new Tory leader will be elected towards the end of July.
Elsewhere, metals are directionless with gold (Unch) failing to benefit from the receding Dollar amid a potential unwind in risk premium, whilst copper (+0.3%) prices are supported amid rising demand as traders stockpiled ahead of restrictions on scarp imports coming into force in July.
The US Commerce Secretary Wilbur Ross said that “this change puts foreign exporters on notice that the Department of Commerce can countervail currency subsidies that harm US industries.” This is likely to add to the US toolkit to deal with trade related scuffles.