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The commodity complex was a typical mix of illogical moves coming out of the weekend.
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However, a buried headline out of Russia, this one having to do with the plague, got my attention.
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The Grains sector was higher across the board on renewed algorithm buying following last week's sharp selloff.
Morning Summary: Welcome to another week everyone, the first full week of October. A look at the quote screen and we see the commodity complex is – well – it’s just another Monday morning. Why is gold up to start the week? Because it isn’t down. What makes this more fun is the US dollar index ($DXY) is also in the green pre-dawn. Does that make sense? Does it have to? US Treasury yields are flat to slightly higher meaning Treasury futures are quietly mixed as of this writing. US stock index futures were showing small losses after Asian markets closed higher and European markets were mostly lower as the trading week gets rolling. Speaking of Europe, the most alarming headline was buried deep on the financial news page, “Russia hospitalizes almost 200 people after researcher’s death from plague”, according to Reuters. Does this given anyone else flashbacks to when a few folks weren’t feeling well in Wuhan nearly 7 years ago[i]? Keep in mind the same crack team, they of the injecting bleach to kill the virus, is at the helm again so we are all fine. Yep. The Energies sector was mixed with an interesting combination of higher Brent crude and lower WTI.
