From Marc to Market:
Overview: A quiet consolidative session has been recorded so far today as North American leadership is awaited. The preliminary PMI readings are mixed. Japan and the eurozone look somewhat better, but Australia and the UK disappointed. The dollar is trading with a mostly firmer bias, but largely confined to yesterday's ranges. The markets seem to be looked ahead toward next week's Fed, ECB, and BOE meetings, and the return of China from this week's holiday.
Yesterday's rally in US equities, which saw the S&P 500 close above the down trendline from last January (came in around 4010), helped give the Asia Pacific markets that were open a constructive bias. Europe's Stoxx 600 is off around 0.4%. It has posted one losing session a week in the first three weeks of the year. US futures are a little softer. Benchmark 10-year yields in Europe mostly 1-3 basis points softer while the US 10-year Treasury yield is hovering around 3.50%. The healthy bidding for the US six-month T-bill yesterday suggests low-level concerns about the debt ceiling.Asia Pacific....
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