From Marc to Market:
Overview: After falling following the US jobs report before the weekend, US interest rates have come back firmer, helping the give the dollar a boost. A downward revision to Japan's Q2 GDP, reflecting weaker consumption, business investment, and a little more inflation, have heled the greenback retrace the pre-weekend losses against the yen. Softer than expected price gauges, the setback of the yen, and the rise in US rates has seen the offshore yuan fall by the most in three weeks. The US dollar is firmer against all the G10 currencies but the Canadian dollar. Most emerging market currencies are also softer but the Mexican peso.
After falling by 2.4% last week, the MSCI Asia Pacific has begun the new week on the defensive. All the large markets in the region fell except India. China, Hong Kong, and Taiwan lost more than 1%. Europe's Stoxx 600 is snapping a five-day drop. It is up nearly 0.75% in late morning turnover. Us index futures are recovering from the pre-weekend slide. The S&P 500 is up around 0.7% and the NASDAQ is about 0.90%. Yields are broadly higher. The 10-year JGB yield rose nearly 5 bp (to ~0.89%). European benchmark yields are 4-6 bp higher. Gold is flat and consolidating at the lower end of last Friday's range. It has been confined to a roughly $2485-$2500 range so far today. October WTI fell almost 8% last week, its fourth consecutive weekly loss, and to its lowest level of the year (~$67.15). It is trading quietly today (~$68.00-$68.85)....
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