URR News and Press, Morgan Stanley ZC SP REDEEM 30/04/2020 USD 40 From 09/29/21

The rates market sell-off has extended, albeit losing some steam. While the GBP inflation narrative grabbed the headlines, USD rates dynamics indicate it is more a repricing of monetary policy. Only the ECB is distancing itself from the hawkish turn, at least with some success as ...

Rising energy prices and yields are helping lift the US dollar and weighing on equities. November WTI has pushed above $76, while Brent traded above $80, and natural gas is up for the fourth consecutive session, during which time it has risen by about 25%. The US 10-year yield has...

The 13 bp jump in the US 10-year note and 30-year failed to derail the rebounding equities or lend the dollar support. Japan's headline CPI slipped deeper into deflation. The US dollar peaked on Monday near CAD1.29 and fell back to CAD1.2635 yesterday, helped by the continued reco...

The market's reaction to the FOMC statement was going according to our script, with the dollar backing off on a buy rumor sell the fact type of activity until Powell provided an end date for the tapering (mid-2022) before providing a start date (maybe next month). Emerging market curr...

Investors' mood did not improve over the weekend, and the lack of risk appetites is rippling through the capital markets today. Equities have tumbled, yields have backed off, and the dollar is well bid. Hong Kong and Australia led the sell-off in the Asia Pacific region, off 3.3% ...

The week is winding down, and risk appetites seem vulnerable even though the MSCI Asia Pacific Index pared its first weekly loss in four, led by gains in Tokyo and Hong Kong. China will launch the "Southbound Link" next week that will draw mainland capital into Hong Kong. The US d...

The energy complex has become a key focus, with Brent oil holding above $75 and WTI above $72. Gold's outside up day on Tuesday went for naught, and the yellow metal is testing support in the $1,780 area. The New Zealand economy expanded by 2.8% in Q2, more than twice the pace exp...

Developed market yield curves are displaying late-cycle dynamics. This is nowhere as obvious as on the GBP curve as hikes are being brought forward, and as the curve flattens. This makes it all the more difficult for long-end rates to rise. For further details see: Rates...

The sixth decline of the S&P 500 in the past seven sessions set a negative tone for equity trading in the Asia Pacific region, and the poor Chinese data did not help matters. UK August consumer inflation rose more than expected, and this is pushing the market in the direction it w...

The markets are in a wait-and-see mode, it appears, ahead of the US CPI figures, as it absorbs bond supply from Europe and monitors the potential restructuring of China's Evergrande. The dollar is in an exceptionally narrow range against the yen so far today: JPY109.95-JPY110.10. ...