Markets were upside down yesterday after Pfizer’s breakthrough vaccine announcement. S&P 500 equity futures jumped 3% led by gains in energy and financial stocks while Nasdaq 100 futures were selling off hard as investors are readjusting their outlook for the technology sector but also rising yields which were evident across the board. The higher US yields also negatively impacted safe-haven currencies such as JPY and CHF. Precious metals and oil’s initial opposite reaction has faded today and we take a look at why that is. Today with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy hosting and on FX.
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