Volatility in the Bond market continues.
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Pre-market activity and scheduled economic data that may have an impact on the global financial markets:
STOCKS – The Shanghai Composite Index gained 0.8 percent at the close, erasing losses after it plunged as much as 5.4 percent. European shares fell to their lowest level in almost a month as a spike in bond yields cast a shadow on borrowing costs. Emerging-market stocks fell for a ninth day, with the index poised for its longest losing streak in almost three months. US stock futures pointing to a lower Wall Street open.
BONDS – European Central Bank president Mario Draghi said wild price swings won’t alter ECB policy sending German 10-year bond yields to an eight-month high, as the rout in the global debt market gathered pace.
COMMODITIES – Crude oil struggled after sliding overnight on concerns generated by a big build-up in distillates and with OPEC expected to reject output cuts at its meeting on Friday.
CURRENCIES – Traders watched the euro rally to a five-month high as the US dollar lost its overnight swagger. That took the euro’s surge over the last two days past 3 percent.
ECONOMIC DATA – US Unemployment Claims due at 8:30, CAD Ivey PMI at 10:00, Natural Gas Storage at 10:30 ET.
– RiosQuant Team
