Another mixed session ahead of Jackson Hole - ANZ
|Analysts at ANZ explained that most asset classes were mixed today, while commodities fell across the board. In equities, US shares are down 0.5%, capping off 32 days without a 1% move in either direction.
Key Quotes:
"VIX, nonetheless, climbed 8% to 13.4, but remains at very subdued levels. In Europe, the Euro Stoxx was up 0.5%, CAC 40 and DAX added 0.3%, and FTSE 100 was the outlier, falling 0.5%.
In currencies, the USD was mixed against the majors, with NZD the best G10 performer, up 0.3%, while EUR and DKK fell 0.4%. Geopolitical risk is on the rise, with USD/ZAR at a one month high with the finance minister under threat, North Korea test-firing a sub missile, and Turkey launching a military operation in Syria.
The US Treasury curve began the trading session bear steepening, although moves were pared back after a strong 5-year auction, with the curve now relatively unchanged. Elsewhere yield moves were in a thin 1-2bp range. In commodities, WTI (-1.4%) fell on a larger than expected inventory build (+2.5m bbl) and gold spot (-1.0%) dropped after a large liquidation in the futures market."
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