November 29, 2022

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European equities lower to start the day

1 min read

Risk keeps more on the defensive side for now

  • Eurostoxx -0.3%
  • Germany DAX -0.5%
  • France CAC 40 -0.6%
  • UK FTSE -0.5%
  • Spain IBEX -0.8%

US futures are also mixed and leaning slightly more cautiously, with S&P 500 futures down 0.2% and Dow futures down 0.4%. Nasdaq futures are flat though, so that offers some mild comfort as we get things going on the session.

But the bond market is back at it again, with 10-year Treasury yields down nearly 5 bps on the day to 1.238% at the moment.

As such, the overall mood leans towards the defensive side with major currencies reflecting that sentiment. USD/JPY is down near the lows at 110.20 with the 100 and 200-hour moving averages providing some support closer to 110.04-14.

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