The mood in Europe is not really taking cues from the ugly scenes in Asia
Instead, investors are taking comfort in lower Treasury yields to start the session as the bond rout encounters a pause for the time being. 10-year yields are lower by 2.5 bps to 1.455% and that has seen S&P 500 futures pare losses to turn flat.
It is still too early in the day to draw conclusions but this highlights that there are two-way risks going into Fed chair Powell's speech later today. Not only that, the ensuing volatility and whiplash in the aftermath could be a wild one all things considered.
