From Marc to Market:
Overview: After extending last week’s moves yesterday, the capital markets are mostly calmer today. Sterling is firmer, as are UK Gilts. The dollar is mostly consolidating inside yesterday’s range. Equities are stable to higher. Most of the large markets in the Asia Pacific region, but India edged higher, led by a 1.45% gain in China’s CSI 300. The Stoxx 600 is up about 0.25%, the first gain in four sessions. US futures are 0.75%-1.0% higher as they try to snap a five-day slide that has brought them to almost the lows from earlier this year. The US 10-year yield is near 3.84% after rising to almost 3.93% yesterday. Peripheral yields in Europe are firmer, while core yields are little changed. The 10-year Gilt is off 14 bp to slightly below 4.10%. Sterling has recovered around 1% from its shellacking. All the G10 currencies are firmer. Emerging market currencies are mixed. The South African rand and South Korean won lead the advances, but the Philippines, China, and Russia are among those nursing modest losses.
Gold is recovering after reaching almost $1621 yesterday and today. It needs to resurface above $1650 to or not. December WTI has also steadied today after slipping below $76 yesterday. It reached $77.80 today before sellers halted the recovery. US natgas is 2.9% higher after advancing 1.1% yesterday. Europe’s benchmark is up 10.4% today after yesterday’s 4.1% drop. Damage to the idled Russian pipelines weighed on sentiment. Iron ore is up 1.9%, its first gain in three sessions. The same is true of December copper, and ironically, December wheat....
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