Markets Today: Dog days are over


Well it might be too early to call the recent rout in equity markets over, but price action over the past 24hrs suggests calmness has returned with European equities rebounding while US equities are relatively steady. UST yields are higher with the move led by the back end of the curve and the USD is stronger amid news of US Senate bipartisan agreement to avoid a government shutdown. A stronger USD and price declines in the commodity complex have not helped the AUD. As we are about to press the send button, the RBNZ has left the cash rate unchanged as widely expected and notably the interest rate track has been left unchanged, … (full story)