In a market wrap, analysts at TD Securities explained that markets are in full risk-off mode, with equities posting large losses (SPX: -3.3%, TSX: -2.1%) following a bearish session in Europe.
Key Quotes:
“There was no single catalyst although concerns over the selloff in Treasuries and trade tensions have contributed to the downbeat tone. 10yr USTs made another run at 3.25% but fell short before rallying 5bps from session lows. Meanwhile, the Canadian curve bull-steepened on a 3bp rally in 2s.”
“JPY (+0.5%) was the top-performing G10 currency against the USD amid the soft risk backdrop while USD/CAD (+0.7%) closed above 1.30 for the first time in October amid a pullback in oil prices (WTI: -2.8%).”
“NZ food prices and an RBA speech are on the radar today.”
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