Analysts at ANZ explained that the US treasury curve bear steepened, with 2 year largely unchanged and 10 year up 4bps to 2.91%.
"European yields were also sharply higher while in the UK the 10-year yield climbed 10bps to 1.52%."
"US equities dropped across all major bourses with only financials higher on the S&P, benefiting from the steepening of the curve."
"Tech stocks fell after weak semi-conductor forecasts came through from Taiwan."
"The dollar strengthened across the G10 with NZD and AUD underperforming and dovish comments by Carney pulled the sterling down."
"Commodities received some support from US sanctions of Russia and ongoing tariff concerns, but this unravelled later on the stronger USD. Brent traded above $74/bbl, but was down to $73.6 at the time of writing."
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