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Unexpected German Growth Fails to Buoy the Euro
Rising trade anxiety and disappointing economic reports from the Asia Pacific region helped unpin the profit-taking mood in equities, while bond yields continued to pullback. The MSCI Asia Pacific Index and the Dow Jones Stoxx 600 are in the red for the fourth time in the last five sessions. Germany reported a surprise 0.1% expansion in Q3, but it has done little for the DAX or the euro. The S&P 500 eked out a small gain yesterday but is trading heavier again now. Benchmark bond yields are mostly 2-5 bp lower, though the disappointing Australian jobs report fueled nearly a 10 bp decline in the Aussie bond yield. The ... (full story)