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Risk-Off Persists Ahead of Weekly Jobless Claims

CROSS ASSET
  • Risk-off theme persists, with Treasury yields, equity futures holding losses and circling the day's lowest levels. Gold re-coupling with stocks as the yellow metal nears yesterday's lows at 1723.9.
  • Similarly, EM currencies including MXN, ZAR and TRY are edging lower at the NY crossover.- No major headline catalyst or newsflow to prompt the risk-off move, but the drift lower in oil prices after yesterday's rally has undermined the energy sector in Europe, with energy names the poorest performers in the Stoxx600.
  • Focus turns to weekly jobless claims data (in around 5 minutes) and further Fedspeak, with Clarida, Bostic, Evans, Daly still to come Thursday.
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