From Marc Chandler at Bannockburn Global Forex:
Overview: Stocks and bonds ae selling off today. The greenback is also trading heavily. Ironically, the yen is the strongest among the G10 currencies and the Chinese yuan is the strongest among emerging market currencies. The dollar is firmer against the Scandis and Canadian dollar. Most emerging market currencies, including the Mexican peso, which traded at its best level yesterday since 2015.
While nearly all the bourses but India fell in the Asia Pacific region, Hong Kong and mainland shares that trade there were tagged for more than 3%. Europe's Stoxx 600 is off more than 1% and if these losses hold, it would be the biggest down day since late May. US index futures are extended yesterday's losses. The bond market is not offering a haven today. Benchmark 10-year yields are up 6-7 bp in Europe, though Gilt yields are up a little more. The 10-year US Treasury yield is about four basis points higher to 3.98% to its highest level since mid-March. The two-year yield is drawing nearer 5%, which it last traded above on March 9. The minutes from last month's FOMC meeting struck a hawkish tone. Gold is confined to a narrow range above yesterday's low slightly below $1915. August WTI is extending yesterday's gains on the back of a large drawdown of US inventories and extension of cuts recently announced by Saudi Arabia and Russia....
....MUCH MORE
