Is the best is the enemy of the good?

US economic reports may be too good  for markets as they both tend to fuel inflationary fears and lower the need for a big stimulus package. The positive trend in the stock market has started to reverse. Asian markets also suffered from confirmation of the tough stance of the Biden administration vis-à-vis China. The Italian bond spread is narrowing on prospects of a Draghi government, but nothing is done. The euro keeps on weakening against the USD nevertheless, as the market seems catching up with the widening spread between the US and German bond yields.

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May 3, 2021

Crack prices move higher

ICE Brent prompt prices declined by a dollar, at 66.3 $/b for the July contract, following a weak end-of-month expiry. Gasoil and gasoline cracks continued…
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