FX Update: EURJPY overextended if EU outlook sours again.
The rise in yields after a weak T-bond auction yesterday has largely been erased in pre-New York trading today as risk sentiment soured in Europe, possibly on COVID-19 news flow combined with weak employment data. The euro is under modest pressure and EURJPY looks a bit over-extended to the upside if we are set for a bout of concern on the EU growth outlook.
Podcast: US S&P 500 challenging all time highs
Today we look at global equities rebounding strongly after what proved a mere one-day correction on the concern that long yields had backed up sharply earlier this week. We also drill down and look at a number of single stock stories and assess the prospects for AirBnB and Palantir IPOs. Commodities and FX highlights also in the discussion in today's call
A mixed German August ZEW Survey
Due to the holiday break, there are few important economic data releases this week with the exception of some EM central bank meetings and a bunch of European statistics. Fortunately, this morning, the German August ZEW Survey is here to provide something a bit meatier. But the news is both good and bad…