Wall Street had a dead cat bounce despite European stocks finding some buyers as the USD came back as bond yields went higher again in anticipation of the Jackson Hole conference. The USD firmed against both Euro and Pound Sterling lifted while the Australian dollar was pushed back towards the 64 cent level again.
US bond markets eventually saw a small drop in yields at the end of the session with the 10 year Treasury back down to the 4.3% level. Meanwhile oil prices moderated slightly again with Brent crude back below the $84USD per barrel level as gold stabilised following a meagre positive session with a small blip higher to the $1898USD per ounce level, still well off its recent highs.
Looking at share markets in Asia from yesterday’s session with mainland Chinese share markets sold off into the close with the Shanghai Composite down more than 1% at 3092 points while in Hong Kong the Hang Seng Index has lost another 2% to finish at 17623 points.
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