Markets Navigator 03/12/2021

Global equity markets. Reversing the previous day’s dynamic, European stocks traded lower (EuroSTOXX -1.7%, DAX -1.4%), while indices on Wall Street advanced (DJIA +1.8%, S&P +1.4%) as investors bought the dip. Volatility receded somewhat but remained elevated (VIX Index 28 vs. 31 on Wednesday). Emerging markets (MSCI EM +0.8%) advanced for a second day. In the wake of the decision by OPEC+ to main current output plans while remaining flexible about futures changes, Brent rose 1.2% and is up further overnight to $70.8/bbl. Aside from Hong Kong, markets in Asia are mostly firmer this morning. Futures in Europe are slightly higher, while US futures are flat to lower.