Financial Market Preview - Friday 9-May

S&P futures are pointing to a slightly higher open. Asian equity markets are mixed with Japan as an outperformer and Taiwan the other notable gainer amid a rally among semiconductors. Mainland China was weaker. European markets are firmer. Overnight for US treasury yields, two year stays at 3.9% and ten year holds flat to 4.4%. Gold is firmer and WTI crude is up. Dollar is softer versus yen and euro, flat versus sterling and Aussie. Industrial metals are under pressure with iron ore sharply lower after China's steel association confirmed output curbs had begun. US may reduce China tariffs to below 60% as Trump sounds optimistic note on talks. More traction behind US-China de-escalation theme with President Trump on saying 145% tariffs on China will be coming down, predicting concessions from Beijing will help bring about a substantive outcome from trade negotiation