A softer dollar helped commodities across the board. Copper prices hit a three-month high.
Platinum held at $905/oz while palladium added $5 (+0.5%) to $1,015/oz, its highest in about six weeks.
Jobless Claims and Bearish Hedge Funds
U.S. stocks were mixed on Thursday morning. The tech-heavy Nasdaq opened down while the other two major indices were slightly higher.
Traders are beginning to respond to a series of more pessimistic calls for stocks and the economy generally from experts like Ray Dalio.
Bridgewater Associates, the world's largest hedge fund, expressed a largely bearish outlook for 2019 in its most recent notes to investors. It's only the latest major firm to sow doubt about the narrative of explosive economic growth right around the corner.
There was no flight into Treasurys in response, however. The 10-year yield stayed below 3.0% at 2.98%.
The dollar was down 0.3% to 93.3 on the DXY index. Assets in emerging markets have been hurt by the stronger dollar of late, especially the Turkish lira.
The euro moved back above $1.18, gaining 0.35% on the USD. The Japanese yen again approached ¥110 per dollar and the British pound slipped below $1.34.
Jobless claims were reported this morning by the Department of Labor. Last week's claims were modestly lower to 222,000.
Job openings set a new record-high in April, but the labor participation rate remains historically low.
Trump Preps for Diplomacy
The possible peace summit planned with North Korea is apparently back on everyone's docket. President Trump is scheduled to travel to Singapore for the meeting early next week.
Asian markets advanced overnight. Both the Hang Seng and Nikkei 225 were up more than 0.8%. The Topix index rose 0.6% in Tokyo, but shares in Shanghai dipped lower by the time trading closed.
Equities were slightly higher in Europe. Performance was likely weighed down by the euro (and the region's bonds) rising on expectations of tighter monetary policy from the European Central Bank (ECB).
Uncertainty generated by tariffs against the U.S. and divorce from the U.K. could stifle growth in the EU.
Trade and other issues of globalization drove discussions at the G-7 meetings being held in Canada. Trump will attend the G-7 Friday and Saturday before heading to Singapore.
The president has also complained about high oil prices and seen markets react. Both crude benchmarks recovered some of their recent losses.
Brent crude rose 1.2% to $76.25/bbl and WTI crude advanced 1.0% to $65.35/bbl.
The opinions and forecasts herein are provided solely for informational purposes, and should not be used or construed as an offer, solicitation, or recommendation to buy or sell any product.