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Daily Alert: Markets in holding pattern ahead of key inflation data

  • Markets were generally quiet overnight and were largely in a holding pattern ahead of key US inflation data later this week, and with no major data or events to set direction. After a flurry in recent weeks there was little central bank chatter to stir markets up.
  • Still, global yields have continued to grind higher. US Treasury 10-year yields (currently 1.95%) touched 1.97%, their highest since mid-2019, with 2-year yields (1.33%) at a post-pandemic high.
  • The big-3 US equity indices - S&P 500, Dow and Nasdaq – were up around 1% overnight, with increases in big tech stocks, cyclicals and small caps.

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