Flattened tones observed in the first trades
- German DAX futures + 0.1%
- UK FTSE Futures + 0.1%
- Spanish IBEX Futures Flat
It also reflects the flat tones seen in US futures to start the day, with stocks taking more respite as the session begins.
The market will focus on the Jackson Hole Symposium the next day, so we may be on a more wait-and-see approach today.
Either way, keep an eye out for Treasuries with yields continuing to climb over the week. 10-year yields are up 3bp to 0.714% and this will be a place to watch for yen pairs and the dollar in case it starts to challenge the August 13 high of 0.725%.