From Marc to Market:
Overview: The sharp sell-off in US equities yesterday, led by tech, is weighing on today’s activity. Most of the large Asia Pacific markets excluding Japan and India lost more than 1% today. The three-day rally in Europe’s Stoxx 600 is being snapped today. US futures are posting small losses. The US 10-year yield is little changed around 3.17%, while European benchmarks are narrowly mixed, with the periphery doing better than the core. The dollar is enjoying a firmer bias against most of the major currencies but the Swiss franc and Norwegian krone. The Antipodeans and yen are the poorest performers today. Among emerging market currencies, outside of the Russian rouble, a couple central European currencies and the Chinese yuan are showing a little resilience in the face of the firmer greenback.
Gold is trading at a two-week low near $1812. The month’s low was closer to $1805. August WTI is moving in the opposite direction and above $112.00 is at its best level since the big outside down day on June 17. US natgas is 3% higher and is up more than 8% this week. Europe’s natgas benchmark is up almost 5% today. It rose 5.7% last week. Iron ore pulled back less than 1% today after advancing by more than 8.5% in the past two sessions. Copper is off fractionally after edging higher for the past two sessions. September wheat is threatening to post its first back-to-back gain since the middle of last month....
....MUCH MORE
