Analysts at ANZ explained that markets calmed overnight, with yesterday’s sharp moves partially unwinding.
Key Quotes:
“Equities are higher, treasury yields rose, Italian yields collapsed, commodities climbed and the dollar was sold. US equities led gains, with the S&P 500 up 1.4% at the time of writing. Gains were broad-based, led by energy stocks (+3.4%), which were also boosted by higher oil prices, while financial stocks rose (+2.0%) after selling off on euro break-up fears.”
“European bourses were up 0.4-0.9%, with Italy’s FTSE MIB rising 2.1%. Treasury yields bear flattened with the 2-year yield up 9bps to 2.41% and 10-year yield up 6bps to 2.84%. Italian yields fell sharply, with 2-year yields down 115bps and 10 year yields down 29bps. The USD fell, with commodity currencies surging. Oil was up 2.3% and gold up 0.3%.”
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