Stocks were quiet in the US today ahead of tomorrow’s nonfarm payrolls report. In Europe, positive signs of growth were not enough to convince the ECB’s Draghi that interest rates should be raised there. European bonds fell nevertheless, as did the STOXX 600 – by a modest 0.10%. Asian shares had been mixed, with the NIKKEI higher and Chinese exchanges lower.
The US dollar gave back some of yesterday’s gains, despite higher yields here. The 10-year Treasury fell again, its yield rising and hitting 2.60% today.
The clobbering continued in the crude oil and precious metals markets. Crude dropped another 2% on top of yesterday’s disheartening 5% decline, prompting talk of a new bear market there. Gold surrendered another $6, silver another quarter, and platinum another $10/oz. as ugliness abounds there, ostensibly due to upcoming higher interest rates from of the Fed. XAU fell 83 cents to finish at 77.69.
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