U.S. equities are in rebound mode
U.S. equities are in rebound mode after their recent slump, padding gains after CPI came in warm but not too hot, keeping the Fed on its gradual tightening path despite negative GDP prints in Japan and Germany, along with slowing Chinese retail sales. Crude oil prices stabilized after their latest rout, recovering 1% to clear $56 bbl ahead of EIA data later, following reports of producers mulling 1.4 M/bpd in cuts. A resumption of U.S.-Sino trade talks ahead of the G20 meeting between Xi and Trump at the end of the month is also a dangling carrot for investors. Asia was mixed, with Japan's Nikkei 0.16% firmer and China's CSI 300 1% lower, while Europe is up to 0.35% firmer on the major bourses even as Brexit jockeying continues apace. The Dow is 109-points firmer, S&P gained 13-points and NASDAQ is up 39-points in pre-open action, further padded by "fair value" adjustments into the open. UBS cut Apple's earnings outlook, while Snap sank over 4% after news that regulators are looking into its IPO. Macy's earnings are on tap. Fed's Powell speaks after the close and his VC of supervision Quarles testifies before the Senate Banking Committee.