From Marc to Market:
Overview: Asia Pacific equities were mixed as the China, Hong Kong, Taiwan, and South Korean markets, among the large markets were unable to gain in the wake of a solid performance in the US. Europe is also struggling to maintain the upside momentum that has lifted the Stoxx 600 for the past four sessions. It is nearly flat as this note is penned. US futures are firm. Benchmark bond yields are higher, and the 10-year US Treasury yield is edging above 4.05%. European yields are mostly 3-4 bp firmer. The greenback has a modest upside bias, though the dollar-bloc currencies are holding their own. Emerging market currencies are modestly lower.
Gold has slipped to a new low for the month, a little below $1640. December WTI has steadied around $83 after yesterday’s nearly 3% drop. US natgas is slightly softer after falling more than 11% over the past three sessions, while Europe’s benchmark is snapping a four-day slide of around 30%. It is up about 5.4% today. Iron ore gave back half of yesterday’s 1.1% gain. December copper is off 1.2% today, extending its decline into a fourth session. It was off about 2.75% over the past three sessions. Lastly, December wheat has come back bid (~0.8%) after falling around 1.3% yesterday....
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