As the Fed begins its two-day meeting, global stocks have recovered their footing and European shares rise, led by a bounce in tech stocks as last Friday’s global selloff that started in the sector shows signs of abating. Asian stocks and U. S. futures gain as investors turn their attention to today’s Jeff Sessions testimony as well as tomorrow’s barrage of macro data including Yellen, CPI and retail sales.
It has been a risk-on session globally as the tech rout ended and technology stocks rebound from recent weakness and amid a lack of negative fundamental catalysts. European equity markets open higher with technology sector leading, travel stocks also well supported. Bund futures pushed lower, with supply pressure also coming from 10y DSL auction. Gilts sell-off after higher than expected U. K. CPI, short sterling curve bear steepens aggressively. USD broadly weakens across G-10 except for USD/JPY which is supported by lift in EUR/JPY and general risk sentiment. SEK spikes higher after strong domestic CPI data, NOK rallies in tandem after bullish domestic growth survey.
This post was published at Zero Hedge on Jun 13, 2017.
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