Bond yields nudging lower

The euro and sterling continue to trade in narrow ranges against the dollar though both are marginally firmer this morning at around $1.0350 and $1.19 respectively, while the single currency-pound exchange rate is still hovering just below 87p

In government bond markets, US and UK 10-year yields have nudged down further to about 3.75% and 3.15% respectively with equivalent German yields remaining steady at 2%

US equity markets rebounded yesterday, with the S&P 500 gaining almost 1.5%, while European stocks added around half a percent

The OECD expects global economic growth to slow to 2.2% in 2023 from an expected 3% in 2022, according to its latest forecasts, with the US and Euro area economies both projected to expand by just 0.5%, and the UK economy seen contracting by almost 0.5%, next year

ECB member Simkus says because of “very strong inflation pressures”, the central bank “must” increase interest rates by at least 50 basis points at next month’s monetary policy meeting

There is a raft of economic data due in the US today ahead of the Thanksgiving holiday tomorrow, with jobless claims, consumer confidence, new home sales and capital goods orders all scheduled for release, while the Fed releases the minutes of its meeting earlier this month.

Flash PMI data are also scheduled in the Euro area, UK and the US