Europe slips as bond market jitters persist
SPY•European shares looked set to start lower, with Euro STOXX 50, DAX and FTSE futures down about 0.7%. Treasury yields rose again, oil resumed its climb in Asia, and Asian shares fell overnight.
1. European markets point lower
European shares looked set for a weaker start on Thursday as sentiment remained fragile. Futures for the Euro STOXX 50, DAX and FTSE were down about 0.7%, after a bank-led selloff on Wednesday.
2. Bonds and oil in focus
Strong demand at a U.S. Treasury auction briefly eased bond-market pressure and helped Wall Street recover from session lows, but benchmark Treasury yields rose again, remaining below recent 24-year peaks. Oil prices resumed their climb in Asia, with Brent crude approaching $103 a barrel.
3. Investors watch policy and earnings
Investors were set to assess the European Central Bank’s latest meeting accounts, while several ECB and Federal Reserve officials and Bank of England Governor Andrew Bailey were due to speak. Samsung forecast quarterly operating profit above 80 trillion won ($59 billion), nearly nine times higher than a year earlier, and TSMC reported record quarterly revenue of around $46.7 billion, up 50% and above forecast.
