Overview: The reversal in U.S. equities yesterday set the stage for today’s losses. All the Asia Pacific bourses fell today but Australia. For the week, the regional index is off more than 2%. Europe’s Jones was flat for the week coming into today’s sessions. It is off around 0.5% in late morning activity.
U.S. shares are firmer, while the is 2.7% through yesterday. It fell by about 3% last week. Core bond yields are a little lower, and after a rocky start, peripheral European yields have softened. It is not simply a result of disappointment that the EU did not reach an agreement yesterday. The ECB has had a difficult time this week.
and 10-year yields have risen about 10-12 bp this week, about 5 bp, and over 15 bp. The comparable and yields were 1-2 bp softer. The benchmark is little changed on the week near 60 bp.
The is firm against all the major currencies, not just on the day but for the week as well. Most emerging market currencies are lower, but South Africa,…