U.S. stocks, bonds rally as peak-rate wagers surge - BNN Bloomberg

Futures on the S&P 500 and Nasdaq 100 jumped at least 1.5 per cent each after the underlying indexes posted a strong start to the quarter on Monday. Europe’s Stoxx 600 gauge rose for a third day. The AU.S.tralian dollar traded weaker after policymakers raised interest rates by less than forecast. Oil advanced on expectations the OPEC+ alliance will deliver a substantial supply cut. The dollar and Treasury yields declined for a second day.

“While the more rational approach outlined by the RBA does not bring forward rate cuts, it offers the possibility of stepping back from the more extreme hawkishness of recent weeks,” Stephen Innes, managing partner at SPI Asset Management, wrote in a note. “That implies bull steepening in bond markets and should provide some support for equity markets if other central banks follow suit.”

The dollar headed for the lowest level since Sept. 22, with a rebounding British pound acting as the biggest drag. The UK’s withdrawal of a tax-cut plan soothed nerves about the government’s fiscal health, though doubts remained about the outlook for the currency.

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Wall Street capitulation calls get ever harder as U.S. stocks bounce - BNN BloombergAfter a furious spate of retail selling unseen since December 2018 and beaten-down risk appetite, all the ingredients were in place heading into the big stock rebound Monday. I suspect there will be more selling as PE ratios are still very expensive.
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