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WORLD HEADLINES - World stocks went south and European assets sold off on Tuesday after anti-euro comments from an Italian party official weighed on the single currency and sent Italy’s bond yields up to multi-year highs. STOCKS - A boost to investors’ risk appetite from the new U.S.-Mexico-Canada trade pact proved short-lived with the MSCI world equity index falling back 0.3 percent. BONDS - Italian 10-year bond yields hit a new 4 1/2 year high and shares in Italian banks, which have large sovereign bond holdings, sold off sharply to hit a 19-month low, down 2.8 percent. Italy’s FTSE MIB tumbled 1.4 percent. COMMODITIES - Oil prices recoiled slightly, having hit nearly four-year highs in the previous session. CURRENCIES - The Japanese yen rose as the stocks dropped, triggering the unwinding of the carry trade. The pound slid to a three-week low on Tuesday on fears about a conflict over UK Prime Minister Theresa May’s Brexit plan escalating, with division on show at a ruling Conservative Party conference. ECONOMIC DATA - FOMC Member Quarles Speaks at 10:00, Fed Chair Powell Speaks at 12:45 ET.
COMMODITY FUTURES, OPTIONS, AND FOREX TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
