Equities are building on yesterday’s gains. The rose 2% yesterday and edged higher today. Shanghai and Australia stand out as exceptions. In Europe, the DJ is extending yesterday’s 1.8% gain to reach its best level since March 11. Today would be the fourth advance in the past five sessions.
US shares are firmer. The gapped higher yesterday (~2842.7-2852.9), and the next target is the 2882-2901 area. It is poised to gap higher again today. The peripheral bonds in Europe are underpinned by risk appetites, while core bond yields are a little firmer. The US Treasury raised $190bn yesterday, and the is little changed around 66bps.
The is trading lower against all of the major currencies, led by the Scandi bloc, following the Riksbank’s to keep policy steady. Emerging market currencies are mostly firmer and the JP Morgan Emerging Market Currency Index is poised to snap a six-day slide.
is lower for a third session at the time of writing, the longest losing streak this…