- Oil increased when Saudi Arabia pledged to reduce supply. Following last week's dramatic gain that brought the S&P 500 close to entering a bull market, US stock futures fluctuated.
- Oil tycoons Chevron and Exxon gained in premarket trade as crude futures increased by 1.9%. Saudi Arabia declared it would reduce its supply by an another 1 mln barrels per day in July, bringing it to its lowest level in a number of years.
- Treasury yields increased across the curve, while the dollar appreciated against each of its G10 counterparts. There is growing speculation that the Federal Reserve will hold interest rates steady in June but leave the door open for future increases. Further information on the state of the economy may be revealed by reports on American services and factory orders that are due later today.
- Big banks may face 20% boost to capital requirements in the US - WSJ.
