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CROSS ASSET: Yields, USD/JPY Pressure as Online Outages Spread

CROSS ASSET

US yields under pressure headed through the European open, in a move coinciding with equity weakness and a pullback in USD/JPY - showing a broad risk-off theme. No headlines, data to trigger the move outside of the outages for global online services.
What we know is that:

  • Major US airlines have grounded all flights
  • European, Australian airports have suspended some operations
  • Microsoft 365 apps in "degraded" state
  • Outages unlikely to be hacking related, with a "bad patch" from Crowdstrike the likely trigger (Their shares already lower by 5% pre-market).
  • Little sign of a tech resolution in the very near term so far, but we keep an eye out.

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