Analysts at ANZ explained that markets had a little more action overnight with equities rising, currencies mixed, oil climbing, and treasuries little changed.
"Global equities were led higher once the US opened, reversing early losses. Both the DJIA and the S&P 500 are up 0.2% at the close. European shares ended the day 0.2-0.3% higher. There was more volatility in currency markets with USD/JPY falling 0.5% on rumours that the Bank of Japan will delay stimulus in November.
AUD climbed 0.7% and NZD rose 0.5%. CAD had a 1.2 cent round trip on a BoC policy statement the market thought was not dovish enough, followed by a more dovish press conference.
Emerging market currencies performed well against the dollar. Oil rose 2.8% on a larger-than- expected inventory drawdown (-5.25m bbl vs. -3.8m exp); prices hit a 15- month high. Gold spot rose 0.5%.
Longer-dated treasuries underperformed with news Saudi Arabia was set to sell about USD17.5bn in bonds, causing a degree of crowding out. The curve steepened a bit, but moves across the curve were within 1-2bps."
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