EU Stimulus helps risk
AU data mixed
Nikkei 0.36% Dax -0.34%
UST 10Y 0.75
Oil $37/bbl
Gold $1704/oz
BTCUSD $9629

Asia and the EU
No Data

North America Open
USD NFP 8:30
CAD Employment 8:30

Strong early risk on flows helped push index futures higher by more than 1% in Frankfurt morning dealing as optimism grew over the massive stimulus packages around the world.

With ECB yesterday providing a massive infusion of credit through its PEPP program and EU officials seemingly in agreement on 750B euro debt mutualization package, investor mood was decidedly positive as markets essentially ignored the risk of upcoming NFPs and focused on the possibility of the recovery ahead.

According to our partner Kathy Lien, every single pre-release marker of the NFP favors a stronger report including ADP data, ISM Non-Manufacturing employment component and Challenger data. Given the skew in positive expectations, the possibility of a miss and a selloff is not minor but given the massive momentum in sentiment, bulls will likely buy the dip.

For now, the recovery thesis is dominating trade in equities and if the NFPs confirm that the rate of change is becoming positive despite the horrid absolute numbers, the bulls could dominate for the rest of the day.