From Marc to Market:
Overview: The US 10-year yield is off around a dozen basis points off yesterday's high and European growth in Q3 was better than expected. This appears to have encouraged some dollar liquidation today. The greenback is softer against the G10 currencies, but the Canadian dollar and sterling. The much-awaited UK Autumn budget will be announced shortly. Sterling is consolidating around $1.30. Most emerging market currencies also are enjoying a firmer tone today.
Asia Pacific and European equities are trading heavier. The Asia Pacific, all the large markets but Japan fell. The Hang Seng and mainland companies that trade there fell by more than 1.5%, to lead the region lower. The Stoxx 600 in Europe reversed early gains yesterday and fell by about 0.55%. Today, it is down around 0.7%. On the other hand, US index futures are firm. Benchmark 10-year yields are mixed. Gilts have caught a bid ahead of the budget and are off nearly six basis points. Other 10-year yields are narrowly mixed. The 10-year US Treasury yield is down about three basis points to approach 4.22%. Gold set a record yesterday and is extending its gains today to trade to almost $2790 today before consolidating a little. After gapping lower on Monday, December WTI remains pinned near its lows. It is trading roughly between $67.30-$68.20 today, well within yesterday's range....
....MUCH MORE
