From Marc to Market:
Overview: As the long-holiday ends, risk appetites have returned. Equities and yields are mostly higher. The dollar is seeing yesterday's gains pared. Yesterday's setback in the yen helped lift Japanese stocks, with the Nikkei advancing 1%. Several other markets in the region also gained more than 1%, including Australia and South Korea. China's CSI was an exception. It slipped fractionally. Europe's Stoxx 600 is up nearly 0.6% through the European morning, and bank shares are posting small gains. US equity futures enjoy a firmer bias. European bond yields are playing a little catch-up today, rising 5-7 bp, while the US 10-year Treasury yield is a few basis points softer near 3.39%.
The dollar rose yesterday, but is trading with heavier bias today, though mostly confined to yesterday's ranges. The dollar bloc and the Norwegian krone are the laggards, while the Swiss franc, Swedish krona, the euro, and sterling are up around 0.5%. Emerging market currencies are mixed. The euro is giving a boost to central and eastern European currencies, while most Asia Pacific currencies, save the Thai baht are softer. The Russian rouble continues to fall. It is lower for tenth session in the past 11. Gold caught a new bid after falling to a three-day low yesterday near $1981.75. It is back above $2000, but the intraday momentum indicators are overbought. June WTI is consolidating, straddling the $80-level. The EIA publishes its short-term energy outlook today and OPEC's monthly report is due Thursday, followed by the IEA report on Friday....
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