• SPI Futures down 38 points. Quiet night. The US results season kicks off.
• S&P 500 down 0.28%. NASDAQ down 0.08%. Dow Jones down 243 points. US Small Caps down 0.61%. STOXX 600 down 0.43%.
• The MSP is at another record high, up 21.53% since inception on February 1. Still holding. The US dollar rally will help our US-based ETFs today.
• Good quote from a strategist in the AFR – “Watching the stock market rally can feel a lot like watching snow build up on the side of a mountain. You know that eventually there will be an avalanche, but there is no way to know which snowflake will trigger it” - We just have to wait for it.
• Gold pauses – down $65 (-1.61%). Another bubbling sentiment supported the sector.
• FOMC Minutes this week suggest ‘no change’ to the slightly hawkish tone – but still expecting two rate cuts in the next two meetings. Powell’s overnight video said nothing. Bond yields up a touch on two tepid bond auctions on the trot.

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