Daily Alert: Sell in May comes into play as equity investors exit

  • Markets traded with a modest risk-off tone overnight, with broad-based declines in global stocks and a stronger USD.
  • The action was a little more modest in government bond markets, with Treasury yields a fraction lower (US10Y 1.59%) with a curve flattening bias.
  • The RBNZ Financial Stability Report (9am), will be perused for how the RBNZ views risks from the housing market, although no announcement on whether the Bank is keen to add further tools to restrict housing lending are likely until the end of this month.

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