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Equities Firm & Bonds Cheapen As NY Participants Start To Settle In

CROSS ASSET

E-minis push to fresh session bests in recent trade, with NY participants reacting to the fact that Biden-McCarthy debt ceiling talks have been tabled for today vs. the breakdown in talks that became apparent late on Friday.

  • Elsewhere, PacWest equities show ~9% firmer pre-market, benefitting from the regional bank’s disposal of some loans (albeit at a bit of a discount).
  • This mix, coupled with some modest firming in FOMC-dated OIS post-Kashkari, has applied fresh pressure to core global bond markets.
  • The BBDXY has firmed given the above, although it has failed to breach its London morning peak thus far.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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