Analysts at ANZ noted the overnight action in the markets.
“Equity markets were little changed, US 10- year treasury yields fell 2bps and currency volatility picked up.
European equity bourses wavered between small gains and losses while in the US stocks opened lower and gradually climbed back to unchanged in the NY afternoon.
Central bank speakers at the IMF and the better-than-expected PPI had only minor impacts on markets. Treasury yields were little changed and global yields were biased lower a few bps.
There was more volatility in currency markets with the SEK down 0.9% after inflation missed to the downside and GBP spiked higher after news that Barnier may offer a 2-year transitional period to EU’s interior market and customs union.
Oil fell 1.5-2%, bounced in a volatile fashion off the lows after data showed an unexpected drop in US crude inventories but then dropped sharply once more as traders fretted about an IEA report that said that the global supply glut may well persist next year.
At the time of writing WTI for near-term delivery is down 1.2% at USD50.70. Gold is little changed at USD1293/oz. Bitcoin surge 9.3% overnight to USD5285.”