Wall St higher overnight as Trump comments on China placated trade fears and regional banks bounced. S&P 500 and Nasdaq up 0.5% on average volume. Both closing near the high. Dow up 238 points. VIX volatility index down 18%. Still above 20 points. It hit its highest level in six months on Thursday night. Trade news dominating headlines in absence of economic data. Trump saying his earlier tweet of 100% tariffs on China isn’t sustainable and still wants to meet with Xi. TACO trade at play yet again. A slight shift in the Russia/Ukraine narrative after Zelenskyy met with Trump. The President appearing more intent on brokering a peace deal (territory concessions) than upgrading Ukraine’s arsenal with Tomahawks.

SPI down 7 - ZIP and DRO out early...

• Resources mostly lower as commodity traders had a mixed reaction to Trump’s China and Ukraine comments. Precious metals down on ‘easing trade war fears’ yet iron ore, copper and base metals also down (would typically bounce if trade war fears were overdone).
• Gold stocks heavily down as bullion fell 1.5% (still up 5.8% for the week). Platinum and silver even worse.

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