Overnight Price Action
S&P futures have fallen 0.7% in Asian trading in response to concerns about the US debt ceiling debate. Similarly, the Nikkei is down 1.2% while the HSI is off 0.7% and the Kospi is down 0.2%. In G10 FX, AUDUSD has fallen slightly to 0.9419 while EURUSD is treading water at 1.3564. USDJPY has edged lower to 97.15. Chinese markets are still closed for public holidays. The US 10yr Treasury yield is up 1.28bps to 2.6319%. JGBs are mixed, with yields a touch lower in the belly of the curve, but the 20y yield up 1.4bps. Most other Asian yields are up 1 – 2bps
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Credit Suisse