The last week of the quarter is off to a slow start. US index futures are down 0.1%-0.3%, continuing their drift downward from last week. Over in Europe, the Dax and FTSE are both down 0.9%. Stocks and bonds continue to be negatively impacted by rising treasury yields. The US 10-year Treasury Note Yield has climbed up to 4.50%, while the UK 10-year Gilt is up at 4.30% and the German 10-year Bund is up to 2.80%.
Rising treasury yields have the US Dollar climbing against other currencies today, gaining 0.2%-0.3% against the Euro, Pound, Loonie, and Yen. The greenback is steady against Gold and gaining 1.75% against Bitcoin. Metals are struggling again with Platinum down 1.4% and Copper down 0.4%. In Energy action, WTI Crude Oil is flat, while Natural Gas is up 0.75%.
US budget negotiations looking to avoid another government shutdown (yawn…) ahead of a Saturday deadline may also be impacting sentiment. Meanwhile, progress is being made in other disputes, as the Hollywood Writers Guild agreed to a deal with studios to end their strike which started in May, and Ford Canada workers voted to approve the new contract their union reached last week.
In terms of economic news, the calendar continues to be dominated by housing data, but later in the week we also get US Durable Goods Orders on Wednesday, plus US Core PCE Inflation and Chicago PMI on Friday to wrap up the month and quarter.
