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Volatile Week in The Financial Markets

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WORLD HEADLINES – A 4 percent drop in Chinese shares dealt reeling world stock markets a fresh blow on Friday, as nerves about rising borrowing costs and soaring volatility put them on course for their worst week since the height of euro zone crisis.

STOCKS – European bourses saw relatively minor early losses but China’s overnight plunge had gouged at confidence again after the second 1,000 point loss of the week for the U.S. Dow Jones Industrial had sent it into official correction territory.

BONDS – The yield on benchmark 10-year U.S. Treasuries, which tends to be the driver of global borrowing costs, was hovering at 2.86 percent just short of both Thursday peak and Monday’s four-year high of 2.885 percent.

COMMODITIES – Oil was still slippy with U.S. crude futures down 1.1 percent at $60.53 per barrel after hitting a seven-week trough of $60.27 on Thursday.

CURRENCIES – The US dollar edged up 0.2 percent to 108.985 yen, after slipping 0.5 percent overnight. For the week, it was on track to lose 1.5 percent against its Japanese peer amid risk aversion in broader markets.

ECONOMIC DATA – CAD Unemployment Rate due at 8:30 ET.

 
 
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