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CROSS ASSET: Equity Risk Off Continues, Yen Outperforms In G10 Space, Tsys Bid

CROSS ASSET
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Risk off in the equity space continues to dominate cross asset sentiment. US equity futures are down sharply in the first part of Tuesday trade. There doesn't appear to have been a fresh macro catalyst. US Eminis got sub intra-session lows from Monday, which was levels last touched in Sep last year (see the chart below). This may have impacted broader sentiment in other asset classes. Nasdaq futures are down to fresh lows since Sep last year as well. All regional equity markets are down, led by tech sensitive countries. 

  • In the FX space, yen and CHF are outperforming. USD/JPY made fresh lows of 146.54, but sits slightly higher now. AUD/USD is off 0.15% sub 0.6270, NZD/USD is down 0.25% to 0.5680/85.
  • US Tsy continue to see safe haven demand, with yields off a further 5-6bps. The 10yr last near 4.155%.
  • Gold is relative steady, while oil is weaker. Bitcoin is down close to 3%.

Fig 1: US Equity Futures To Fresh Lows Since Sep Last Year 

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Risk off in the equity space continues to dominate cross asset sentiment. US equity futures are down sharply in the first part of Tuesday trade. There doesn't appear to have been a fresh macro catalyst. US Eminis got sub intra-session lows from Monday, which was levels last touched in Sep last year (see the chart below). This may have impacted broader sentiment in other asset classes. Nasdaq futures are down to fresh lows since Sep last year as well. All regional equity markets are down, led by tech sensitive countries. 

  • In the FX space, yen and CHF are outperforming. USD/JPY made fresh lows of 146.54, but sits slightly higher now. AUD/USD is off 0.15% sub 0.6270, NZD/USD is down 0.25% to 0.5680/85.
  • US Tsy continue to see safe haven demand, with yields off a further 5-6bps. The 10yr last near 4.155%.
  • Gold is relative steady, while oil is weaker. Bitcoin is down close to 3%.

Fig 1: US Equity Futures To Fresh Lows Since Sep Last Year 

Keep reading...Show less