Sentiment was mildly positive on Monday and US indices opened in a positive territory as the Midterm elections are ongoing in the US. Volatility has been minimal so far on the day, but stocks managed to erase all the daily losses and turned higher, despite China’s stocks falling again.
Later in the day, the important non-manufacturing ISM for October will be released and is forecast to slow to 59.5 from 61.6 previously. This would still be a much faster sector growth than in the rest of the world.
Bond yields corrected lower on Monday after rising to fresh cycle highs on Friday. The 30-year yield dipped to 3.43%, the 10-year slipped to 3.2% and the short-term yields also moved down.
The greenback hasn’t moved anywhere on Monday and the dollar index was unchanged on the day, changing hands near 94.45.
Finally, oil surged 1%, but metals plunged and therefore the commodity index was also trading only marginally higher on Monday. Apart from the ISM survey, there are no other market moving news on the agenda today and therefore the current low volatility could persist throughout the rest of the day.
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