There is a sense of indecision in the air today. There have been several developments, but investors seem mostly reluctant to extend positions. China reported a surge in in April and an increase in the value of reserves. Australia reported a rise in in March. The Bank of England left policy steady, but clearly signaled it was prepared to boost its asset purchases. Norway unexpectedly . For the second consecutive session, US equities sold-off late. This seemed to weigh on Asia Pacific trading. The edged higher, but the fell, and Taiwan was the only other notable exception to the heavier performance in the region. Europe’s Dow Jones is firm though within yesterday’s range. US stocks are also higher, but the key is the 3000 area of the .
Yields are firm, with the US benchmark near 70 bp. European yields are a few basis points higher, and the premium the periphery pays over Germany is wider, though Italian bonds have recovered in late European morning turnover….