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Breakfast Bites - Markets improve with PMIs & Elections

Meme frenzy back; No election surprises; PMIs positive in Asia; OPEC to dial back cuts

Rise and shine everyone.

Quite a few election results from across the globe to start the week and markets are reacting strongly despite no surprises.

US Equity Futures are trading higher after a choppy week and a sharp reversal on Friday’s close. Meme stocks are back as “Roaring Kitty” is supposedly back on Reddit posting his $200m position in Gamestop. GME is up over 75% in the pre-market.

Commodities are seeing some support after last week’s pressure. Metals are trading higher. But, oil is subdued after the OPEC meeting yesterday where they discussed rolling back some of the cuts starting in Q3, 2024.

UST Yields are lower this morning with the 10Y continuing to fall after Friday’s PCE data - being viewed as softer than expected.

Asian markets were largely higher after good PMI readings and PM Modi’s win. Chip and Tech stocks are driving the Hang Seng and Korea’s Kospi. European markets are flat with yields lower driven by mixed PMI data. France caught a downgrade - S&P cut France sovereign rating one notch at 'AA-' from AA' citing deteriorating budgetary position; Outlook Stable.

Look out for ISM Manufacturing PMI for the US at 10am ET.

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