From Marc to Market:
Overview: Disappointing data in Asia and Europe has sent the greenback broadly higher. The strong gains posted before the weekend were mostly consolidated yesterday when the US and Canadian markets were on holiday. The rally resumed today. The Antipodeans and Scandis have been hit the hardest (-0.7% to -1.25%) but all the G10 currencies are down. The Swiss franc and yen are off the least (-0.35%-0.45%), and the euro and sterling have taken out their recent lows. Emerging market currencies have also fallen. So far, none have been spared.
Most of the large Asia Pacific bourses were under pressure, though Japan, Taiwan, and India posted small gains. The Hang Seng and mainland stocks that trade there suffered the most, with more than a 2% drop. MSCI's Asia Pacific Index snapped a six-day advance. Europe's Stoxx 600 is off by about 0.25% in late morning activity. It has fallen for the past four sessions. US index futures are trading heavier, with the S&P futures off about 0.2% and the NASDAQ futures down by around 0.35%. Bonds are also selling off. European benchmark 10-year yields are 2-3 bp higher and near 4.22%, the 10-year US Treasury yield is up about four basis points. Higher yields and a stronger dollar are pushing gold lower. After testing $1950 at the end of last week, it approached $1930 today. October WTI is steadying after pushing to $86 in early turnover. It is now near $85.50....
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