Global market snapshot: N.Korea summit on a thread of a string, drives risk sentiment - ANZ
|Analysts at ANZ explained that equities fell following an announcement that the US had cancelled the planned Singapore summit with North Korea, with the German DAX and the UK FTSE both down 0.9%.
Key Quotes:
"However, US stocks bounced from their lows, possibly partly due to a comment by President Trump that if North Korea makes concessions it may be able to go back to the table."
"The Dow is down 0.4% and the S&P 500 down 0.3% at the time of writing, having been down as much as 1%. UK stocks underperformed with strong retail sales data raising speculation of monetary policy tightening."
"Global 10-year bond yields are lower (UK and Germany -4bp, France -5bp, US -2bp)."
"The USD was on the back foot, depreciating against most of the G10."
"Oil slid after Russia’s oil minister said the supply cut phase-out will be discussed, with WTI for near-term delivery currently down 1.6% at USD70.7/bbl."
"Gold rose 0.9% on reflexive safe-haven demand to be USD1305/oz at the time of writing."
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