MARKET WRAP: Bond Yields Dropped And Stocks Moved Higher

Risk on trade was the most popular trade once again and this pushed the equity markets higher. However, we also saw the gold price and Japanese yen moving higher as well.

Stocks

• The S&P 500 index jumped 0.2 percent as of 15:31 London time hitting the highest level  in two months.
• The Stoxx Europe 600 Index picked its momentum from yesterday and gained 1.1 percent, touching the highest point in 12 weeks on its sixth consecutive advance.
• The MSCI Asia Pacific Index followed on its uptrend and gained 0.4 percent to the highest in almost four months.
• The MSCI Emerging Market Index also jumped up by 0.2 percent.

Currencies

• The Dollar Spot Index eased off from its previous level and dropped 0.05 percent.
• The Euro dropped after poor economic data and fell 0.1 percent to $1.143, the lowest point in more than a week.
• The British pound also dropped after treh Services PMI data and $1.2987, the weakest in two weeks.
• The Japanese yen jumped as little by 0.1 percent to 109.82 per dollar.

Bonds

• The yield on 10-year Treasuries went down by less than one basis point to 2.72 percent.
• Germany’s 10-year yield started to rise by one basis point to 0.19 percent.
• Britain’s 10-year yield dropped by one basis point to 1.269 percent.

Commodities

• Gold picked its momentum again and jumped 0.3 percent to $1,316.69 an ounce.
• West Texas Intermediate crude dropped by 1.1 percent to $53.97 a barrel

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