S&P 500 Futures drop towards 3,600 as yields rise on full markets’ return – by anilpanchal7 SP500 Futures RiskAppetite YieldCurve CentralBanks
S&P 500 Futures prints five-day downtrend, US Treasury yields stay firmer.Risk aversion is likely to prevail considering the gloomy global economic outlook.
While portraying the mood, the S&P 500 Futures reverses the early Asian session gains and renews the intraday low near 3,620 during the five-day downtrend. Further, the US 10-year Treasury yields remain firmer around 3.96% while its two-year counterpart snaps a four-day uptrend near 4.31% at the latest.
Elsewhere, the CME’s FedWatch Tool signals 78.4% chance of the Fed’s 75 bps rate hike in November, which in turn weigh on the mood. The reason could be linked to Friday’s upbeat US jobs report and the recently hawkish comments from the Fed policymakers. It should be noted that the UK’s political concerns and downbeat economics from the Eurozone also amplify the markets’ pessimism, which in turn joins the firmer yields to underpin the US Dollar Index and exert downside pressure on commodities, as well as the Antipodeans., up for publishing on Wednesday and Thursday, appear as the week’s key events and shouldn’t be missed. Also important are the headlines surrounding Russia and China.
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