"The U.S. yield curve is at a one-year low, emerging markets are negative YTD and both copper and oil are down double digits from recent highs." He expects negative returns for stocks and credit in the rest of this year and suggests investors own defensive quality. Nasdaq futures and S&P 500 futures both rose 0.3%, while EUROSTOXX 50 futures added 0.7% and FTSE futures 0.5%. The single currency regained some ground on Monday to $1.1720, after losing 0.8% last week to touch 10-month lows at $1.1662. Global growth jitters took a heavy toll on commodities last week, with base metals, bulk resources and oil all falling.
