YCS - New Record Cases In Sydney Casts A Pall Over Australia
- The dovish ECB's forward guidance and the unexpected rise in weekly US jobless claims to a two-month high sent bond yields tumbling. The US 10-year pulled back from 1.30%, and benchmark yields in the eurozone fell to new 3-4 month lows.
- New record virus cases in Sydney cast a pall over Australia. The preliminary PMI's weakness gives a sense of the economic impact. Manufacturing slowed to 56.8 from 58.6, but it was services that are bearing the brunt, with service PMI falling to 44.2 from 56.8.
- Equities were mixed in the Asia-Pacific region. Chinese, Hong Kong, and Taiwanese markets fell, while South Korea, Australia, and Indian markets advanced.
- European shares are higher for the fourth consecutive session, lifting the Dow Jones Stoxx 600 to around 0.2% from record levels.
- The dollar is firm against most of the major currencies. Onthe week, the Canadian dollar is the strongest of the majors, up about 0.35%.
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New Record Cases In Sydney Casts A Pall Over Australia