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RUSSIA

USD/RUB Slips, Approaches April Lows

US 10YR FUTURE TECHS

‌‌(M1)‌‌ Resistance Remains Intact

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A neutral and defensive approach from the Fed Chair Powell in an appearance with the WSJ sent risk sentiment spiralling into the close as the Fed Chair declined to drop any heavy hints on further policy support to combat recent volatility in bond yields.

  • Equities were sold while Treasury yields shot higher, with the show above 1.5% enough to unsettle equity bulls. The e-mini S&P slipped through the 50-dma and 3685 to open 3727.95 which marks the next downside level.
  • Consumer discretionary and tech names were hit hardest, with energy the sole sector in the green as further buoyancy in oil prices on renewed production curbs at OPEC+ pushed WTI to new cycle highs.
  • In Europe, UK indices underperformed, while Spain's IBEX-35 and the Italian FTSE-MIB traded well.