From Marc to Market:
Overview: After modest US equity gains yesterday, the weaker yen and Beijing’s approval of 60 new video games helped lift most of the large markets in the Asia Pacific region. South Korea and India were notable exceptions. Europe's Stoxx 600 is off for the second day as Monday's 0.9% advance continues to be pared. US futures are trading lower. The 10-year Treasury yield continues to hover around 3%, and European yields are up 3-5 bp today. The euro is little changed but that makes it the most resilient in the face of the greenback's upticks. The yen and Antipodean currencies are suffering most (~0.65%-0.80%). Among the emerging market currencies, central Europe is doing the best. The Turkish lira has dropped another 2.25% as capital strikes against the unorthodox policies.
Gold is trading quietly around $1850. July WTI is making new highs above $121. US natgas is nearly 1% higher and is up a little more than 10% this week. Europe's natgas benchmark is off for the fourth consecutive session and is off about 5.25% in this run. Iron ore's rally extended into a sixth session as China's re-opening boosts sentiment. July copper is off about 0.5%. It was virtually flat yesterday after falling around 0.8% on Monday. July wheat is 0.5% lower, extending yesterday’s nearly 2% fall as Monday’s 5% gain is pared....
....MUCH MORE (including a snoozing bear)
