From Marc to Market:
Overview: Encouraged by the continued stream of US data, which suggests that the world's largest economy is accelerating, the US 10-year yield is approaching last year's 4.33% high, and the dollar's run has lifted it to new highs for the year against the Japanese yen, Chinese yuan, and the Australian and New Zealand dollars. Even a rate hike by Norway did not stop the dollar from rising against the krone. The greenback is firmer against most of the major currencies but has steadied in the European morning against the yen, Swiss franc, and Canadian dollar. Disappointing employment data from Australia has kept the pressure on the Aussie, which spiked lower $0.6365 before buying emerged. The dollar gapped higher against the Chinese yuan, the sixth day of gains, and is holding above CNY7.30. The market is unpersuaded by the aggressive fixings by the PBOC. Gold is consolidating its recent losses that pushed the yellow metal below $1900.
Most of the large bourses in the Asia Pacific region fell, but China and Taiwan were the chief exceptions. Europe's Stoxx 600 is lower for the third consecutive session, and without a strong recovery, it will post its third straight weekly loss, the longest of the year. US index futures are slightly firmer. Meanwhile, the bond market sell-off continues. The 10-year JGB yield edged up to nearly 0.64%, its recent high. European yields are most 3-5 bp higher and the US 10-year Treasury yield is near 4.29%, up almost four basis points. Lastly, September WTI has steadying after falling by about 4.5% over the past three sessions. US commercial oil inventory fell by 6 mln barrels, to the lowest level since January as refiners processed the most since January 2020 and exports remain strong. US weekly output is at a post-pandemic high of about 12.7 mln barrels a day
Asia Pacific....
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