From Marc to Market:
Overview: Calmer markets are prevailing today, but an unease remains, and market moves continue to be sharp even if less dramatic. Still, it is in these somewhat less volatile conditions that the US dollar is doing better. It is firmer against all the G10 currencies today. The yen and sterling are the weakest, nursing 0.4%-0.5% losses, while the Norwegian krone and the Canadian dollar are faring the best, off 0.05%-0.15%. Emerging market currencies are also mostly lower, except a couple of East Asian currencies.
Large Asia Pacific equity markets recovered, with the Nikkei up 10.2%, and South Korea and Taiwan equities rising by more than 3%. However, Europe is struggling and the Stoxx 600 is off for the fourth consecutive session. US index futures have pared early gains though are still slightly firmer. The 10-year JGB yield jumped 11 bp to almost 0.89%. European benchmark 10-year yields are mostly 2-4 bp lower, though the UK, Sweden and Swiss yields are 1-2 bp firmer. The 10-year US Treasury yield is up five basis points to 3.84%, and the two-year yield is up 2.5 bp to almost 3.95%. Gold is straddling the $2400 level in quiet turnover. September WTI is flattish near $72.30 after having tested the $74.50 area earlier, slightly above yesterday's high.
Asia Pacific
The financial markets themselves are the news, having overwhelmed macroeconomic data. Still, there are two macro highlights in the Asia Pacific region today....
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