US equity futures erase earlier gains as market jitters creep back in


S&P 500 futures is now down by about 0.1%


Blame it on the selloff in Italian bonds or the comments from China moments ago, but the fact is that jitters and the nervous attitude hasn’t really gone away since Monday. For now, the “reversal” is rather mild as the pessimism seeping in isn’t really overwhelming.

However, expect that to continue to be the case as soon as risk assets start to form any potential base for a rally. Lingering US-China trade tensions is reason enough when coupled with a slowing global economy, as evident by China’s weak April data seen earlier today.

For now, the move lower in US equity futures and European stocks is putting some downwards pressure on yen pairs with USD/JPY falling to a low of 109.49 currently. Meanwhile, the aussie is still being pressured with AUD/USD trading near lows of 0.6920 at the moment.

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