From Marc to Market:
The war continues to disrupt the global capital markets. The US dollar remains firm though mostly within the ranges seen in recent days. It is threatening to break higher against the Japanese yen, where the JPY158 level is coming under pressure. Still, the yen, despite Japan’s reliance on imported oil and refined products is the second-best performing currency in the G10 this week, off around 0.15%, second only to the Canadian dollar, which continues to shadow the greenback. The Australian dollar is the worst performer, down 1.2%, followed the by oil exporter, Norwegian krone, which has fallen by about 0.9%.
The bond market sell-off continues. Among the G10, the 10-year JGB has risen the least (~nine basis points) while the UK Gilts and Italian BTPs have risen the most (almost 25 bp). Despite the mixed performance in the Asia Pacific region today, equities also have sold off this week. The Nikkei is off 6.6% and Europe’s Stoxx 600 is off nearly 5%. The S&P 500 comes into today with a little less than a 1% decline this week and the Nasdaq composite is up about 0.3%....
....MUCH MORE
Coming into the February jobs report the three major U.S. indices [futures] are down .55% to .78% and I am reminded of the ancient aphorism:
There are old traders
And there are bold traders
But there are no old, bold traders.
