We’re seeing a bit of a rout developing in US stock futures at the moment and bond yields are joining in.
S&P futures have been down to 1859 (-15 pts) and US 10’s have traded down to 2.15% (-4bp). 30’s continue to fall through 3.0% and are down 2bp at 2.93%
It looks like we are seeing some further shifting out of Europe and into the US. European stocks are down again and bond yields are well up today in Spain, Italy, Portugal and Greece.
European bonds 15 10 2014
USD/JPY is taking a hit through 107 to 106.90 as I type.
At the moment it just looks like bond flows between Europe and the US but the jump in the euro suggests that there’s not much currency movement alongside it.
It’s going to make for a fun US opening
