As part of the huge “risk on” rally overnight — the euro, US futures, etc. all up — oil has now blasted above $90, while copper has basically touched a new all-time high.
This commodity surge combined with Friday’s weak jobs report raises the worrisome prospect of stagflation in the United States. If the rest of the world is recovering nicely, pushing commodities higher, and the US is not, the complications that arise barely need stating.
Here’s the move in oil overnight from FinViz:
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