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Sentiment Remains Fragile
The fire that burnt through the capital markets before the weekend, triggered by the new Covid mutation, burned itself out in the Asian Pacific equity trading earlier today. A semblance of stability, albeit fragile and tentative, has emerged. Europe's Stoxx 600 is up about 1%, led by real estate, information technology, and energy. US index futures are trading higher, with the NASDAQ leading. Benchmark 10-year yields are firmer. The US 10-year Treasury yield has risen about six basis points to 1.53%. European yields are mostly 1-2 basis points higher, while the UK Gilt yield is up four basis points. The dollar ... (full story)