Morning Bid: Bathed in a sea of red
It's a sea of red in Asian share markets as investors flee from risk and a lot of crowded trades unwind in an unruly manner. Popular positions from yen carry trades to crypto are being dumped in a rush to the exits, with volatility spiking and liquidity drying up.
Markets have priced in another 74 basis points of cuts from the ECB and 47 basis points from the BoE. There are also doubts the Bank of Japan will go ahead and hike again in October, less than a week after it took a turn to the hawkish side. As a result, JGBs recouped all their recent losses sending 10-year yields back to where they were in April.
The U.S. ISM services index is also due and analysts are hoping for a bounce after June's surprising slide. Clearly its jobs index will bear watching given how many workers there are in the sector. The Fed's survey of senior loan officers will get more than its usual attention for any sign of lending stress.
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