From Marc to Market:
Overview: The US dollar is mostly a little softer ahead of the start of the North American session. Participants do not seem to have much short-term conviction amid the heightened tensions between the US and China and wary of political developments in France and Japan. Against several pairs, the greenback has frayed its recent ranges but there has been limited follow-through. Poor Australian jobs data boosted market speculation of a rate cut next month, while a recovery in the UK's August GDP is helping lift sterling to the top of the G10 currency performers today. French Prime Minister Lecornu has survived one of two no-confidence motions today after yesterday's significant compromises bought the government some time. Unexpectedly aggressive intervention by the Reserve Bank of India yesterday, and US claims that India has agreed to stop buying Russian oil has seen further gains in the Indian rupee today, making it among the strongest of the emerging market currencies today.
Equities continue to march higher. Led by a 2.5% rally in South Korea's Kospi and 1.3% rise in Taiwan's Taiex, most equity markets in the Asia Pacific region advanced today. Europe's Stoxx 600 is about 0.40% higher, and if sustained it would be the third gain this week. US index futures are 0.30%-0.45% better. The disappointing Australian jobs report sent its 10-year yield down more than six basis points (to around 4.14%), while European benchmark 10-year yields are narrowly mixed. The 10-year Treasury yield continues to hover around 4.0%, now 4.02%. Gold stretched to a new record (~$4242) but is now around $4230. December WTI is holding above $58 today but below $58.65....
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