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Markets:
- Gold down $31 to $1947
- WTI crude down $5.35 to $102.26
- US 10-year yields up 8 bps to 2.94%
- S&P 500 up 73 factors to 4462
- AUD leads, JPY lags
The temper in markets as New York rolled in might solely be described as impartial with inventory futures flat. Housing begins weren’t a market mover and shares opened flat.
That modified after the IMF downgrade. Maybe it was a reminder that slowing development might additionally restrain inflation and which may maintain the Fed from tightening past impartial. That considering although is undermined by the soar in Treasury yields.
In flip, that pop added gasoline to the yen inferno. After a sequence of features in yen crosses, this was the most important one but and what could possibly be capitulation. USD/JPY added 200 pips and AUD/JPY added much more in proportion phrases. The latter broke out from its current vary.
Shares completed sturdy however Netflix reported after the bell and flagged a drop in subscribers, resulting in an 18% drop in shares and a weigh on the Nasdaq within the post-market.
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