Latest ‘risk on’ rally has been pronounced dead after seven hours in the UK…
… and just 30 minutes on the other side of the Atlantic, following some real news…
… a weak ISM report that has added to concerns about the faltering US economic ‘recovery’:
RTRS – ISM U.S. MANUFACTURING NEW ORDERS INDEX 49.2 IN JULY VS 51.6 IN JUNEURTRS
RTRS- ISM REPORT ON U.S. MANUFACTURING SHOWS PMI AT 50.9 IN JULY (CONSENSUS 54.9) VS 55.3 IN JUNE
RTRS – ISM U.S. MANUFACTURING EMPLOYMENT INDEX 53.5 IN JULY VS 59.9 IN JUNE
Meanwhile…
RTRS-EURO DROPS VS DOLLAR AFTER WEAKER=THAN-EXPECTED ISM DATA
DOLLAR SLIDES VS YEN <JPY=> TO FRESH 4-1/2 MONTH LOW, FALLS TO NEW RECORD LOW VS SWISS FRANC <CHF=> AFTER ISM DATA
RTRS-SPOT GOLD <XAU=> TRADES FLAT AS U.S. STOCKS TURNS LOWER AFTER ISM DATA
RTRS-SEPT GILT FUTURES RALLY AFTER US ISM, HIT CONTRACT HIGH ABOVE 125.60, UP OVER 50 TICKS ON DAY
RTRS-TEN-YEAR GILT YIELDS EXTEND BELOW 2.8 PCT FOR FIRST TIME
And last but by no means least:
RTRS-YIELD SPREAD BETWEEN 10-YR ITALIAN BTP AND GERMAN BUND BONDS WIDENS TO 335 BPS