Brent crude futures are above $70…
…and WTI is above $67…
And Small Caps are leading the surge in equity futures – now up a stunning 6% from the European close on Friday…
Bonds are being sold…
And the dollar is weaker against the JPY and EUR, helping to send Gold futures back above $1700…
Elsewhere, Ethereum is also bid (EIP-1599 approval) back up near $1700…
And Bitcoin is bid, likely helped by the $1.9 trillion malarkey that is just about to hit the US markets/economy…
Cryptos are also helped by the fact that – much to the chagrin of JPMorgan who didn’t expect any other firms to follow TSLA and MSTR in adding crypto their reserves – Hong Kong-listed Meitu Inc., which makes image and video processing software, said it had purchased $22 million in ether and $17.9 million of bitcoin, making it the first time a firm has disclosed a major purchase of ETH for its treasury.
While the company said that while buying crypto helps diversify its holdings away from cash, “More importantly, the Board considers this a demonstration to investors and stakeholders that the Group has the vision and determination to embrace technological evolution, and hence preparing its foray into the blockchain industry.”
The question is – will any of this hold until the cash open tomorrow?
Tyler Durden
Sun, 03/07/2021 – 18:18
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Author: Tyler Durden
