As Adma suggests, some fears on the state of the housing sector should be allayed somewhat but will the numbers be enough to reverse the moves in bonds and stocks?
Despite US 10’s popping over 2.51% we’ve been back to, and are hovering right on 2.50% S&P futures are showing a flat to marginal loss and the dollar just can’t find a bid still.
European stocks feel like they have been trying not to crap out again but are finding it tough to turn green. Italy has managed it but that’s to be expected after the big fal yesterday.
I’m starting to agree with the calls that say we’re being driven by the bond market so we should pay it close attention this morning/afternoon
US 10 year bond yields 16 05 2014
To see out the week data wise we’ve just got the Michigan consumer survey at 14.55 (gmt +1). It’s been on a bit of a tear recently and the market is looking for a small rise in the headline number to 84.5 from 84.1 in April.
This is one of those data points that the market can pick and choose whether it wants ignore it or not.
Just to add, I’m closing all my shorts in the FTSE, DAX & S&P as I think we see a bounce.
