GREECE T-BILL AUCTION RESULTS: 26-week GTB

Moody's notes that "the affirmation of the A1 rating takes into account China's large, dynamic economy and capacity for innovation, even as we expect potential growth to slow towards 3.5-4.0% by 2030. Recent trends indicate an improving quality of growth, bolstering economic resilience. The debt burden is likely to increase further, although we expect that it will be partly offset by low interest rates supported by a large domestic savings pool. China's financial system provides large captive demand for government debt, while capital controls contribute to financial stability during periods of stress".

• "The negative outlook is driven by risks that trade tensions between China and its major trading partners could have a long-lasting negative effect on China's credit profile. In particular, shifts in global trade flows and dampened trade growth pose challenges to China's transition to higher productivity-led economic growth and its efforts to contain the rise in its government debt".
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WTI futures traded to a fresh S/T cycle high last Wednesday before finding resistance. The recovery since Apr 9, appears corrective. Key resistance to watch is $62.71, the 50-day EMA. It has been pierced, a clear break of it would highlight a stronger reversal and open $65.82, Apr 4 high. For bears a reversal lower would refocus attention on $54.33, the Apr 9 low and bear trigger. The May 21 price pattern is a shooting star - a reversal signal. Gold has recovered from its recent lows. The climb signals the end of the corrective phase between Apr 22 - May 15. Medium-term trend signals are unchanged, they remain bullish. Note that moving average studies are in a bull-mode position highlighting a dominant uptrend. A continuation higher would open $3435.6 next, the May 7 high. Key support and the bear trigger has been defined at $3121.0, the May 15 low.

• WTI Crude up $0.42 or +0.68% at $61.96
• Natural Gas down $0.02 or -0.6% at $3.313
• Gold spot down $22.78 or -0.68% at $3334.7
• Copper up $1.5 or +0.31% at $485
• Silver down $0.01 or -0.03% at $33.4544
• Platinum down $5.19 or -0.47% at $1091.32

A bullish theme in Eurostoxx 50 futures remains intact and the recent pullback appears corrective. Moving average studies are in a bull-mode position, highlighting a clear uptrend and recent gains maintain the sequence of higher highs and higher lows. Sights are on 5516.00, the Mar 3 high and the key bull trigger. Key support to watch lies at 5223.87, the 50-day EMA. Clearance of this average would signal a possible reversal. A bullish trend condition in S&P E-Minis remains intact and the latest pullback is considered corrective. Last Friday’s sell-off resulted in a print below the 20-day EMA, at 5779.53. A key support lies at 5719.58, the 50-day EMA. A clear break of this average is required to highlight a stronger reversal and signal scope for a deeper retracement. Sights are on the bull trigger at 5993.50, the May 20 high.

• Japan's NIKKEI closed higher by 371.06 pts or +1% at 37531.53 and the TOPIX ended 16.39 pts higher or +0.6% at 2751.91.
• Elsewhere, in China the SHANGHAI closed lower by 1.533 pts or -0.05% at 3346.839 and the HANG SENG ended 318.93 pts lower or -1.35% at 23282.33.
• Dow Jones mini up 466 pts or +1.12% at 42141, S&P 500 mini up 72.5 pts or +1.25% at 5889.75, NASDAQ mini up 293.25 pts or +1.4% at 21269.