Asian markets were mostly higher overnight with the exception of mainland China while European equities and US futures both were slightly lower. The Macron victory in France’s presidential election isn’t sparking a big risk-on move, JPMorgan said, largely because the outcome was “very expected” and markets had already moved higher after the first-round results a few weeks ago. The SX5E rallies 6.4% from the April 21 close and the French CAC gained 7.3% on May 5, the bank noted. China growth, meanwhile, is causing concern that’s being fanned by soft April trade data, particularly weak commodity import figures, JPMorgan said. Oil prices are attempting to stabilize after Saudi Arabia and Russia said the production agreement may be extended beyond 20176. There was little US news, though the Comcast (CMCSA)- Charter (CHTR) partnership is of interest as is Politico’s story on the “enormous fiscal battle” facing Washington, the bank said.
Street Color alerts are derived from real time chats with market professionals subscribed to the Ask Alyce Premium Chat on Bloomberg and Symphony. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.