Macro Morning

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Continued nail baiting around the US debt ceiling resolution in Congress kept risk markets contained overnight, with European stocks mixed alongside Wall Street. Currency markets were also largely unchanged as they remain firmly on the side of the USD as the safe haven of choice with the Australian dollar steady at the mid 66 cent level, barely above its recent new weekly low.

Meanwhile US Treasury yields continued to rise higher with the 10 year lifting through the 3.7% level while oil prices went nowhere with another staid session with Brent crude maintaining the $75USD per barrel level position. Gold’s depressed mood continued with a new daily low as price remains decisively below the psychologically important $2000 level, closing this morning at $1971.

Looking at share markets in Asia from yesterday’s session where mainland Chinese share markets took back some of their early gains but closed higher with the Shanghai Composite up 0.4% at 3295 points while the Hang Seng finished just over 1% higher but still well shy of the 20000 point level, closing at 19678 points.

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