Euro gives up a little ground

The euro gave up some ground to both sterling and the dollar yesterday, falling back to around 86p (and a little below) against the former

The long end-led decline in core government bond yields continues, with 10-year yields in the US, Germany and the UK ending 3-4bps lower on the day

It was a mixed day for equity markets – European indices finished down for a third consecutive session (albeit only marginally so) while US stocks rose by around 0.75%

Oil prices fell  by around $1.5 per barrel (to $46 in the case of Brent) as it seems there will be no output freeze agreed at today’s informal OPEC meeting. However there is talk of a ‘realignment of interests’, which may pave the way for a curb on production at a later date

Consumer confidence in the US rose to its highest level since 2007 in September, according to the Conference Board’s measure, led by a positive assessment of labour market conditions  – the percent of respondents saying ‘jobs are plentiful’ minus those saying jobs are ‘hard to find’ also rose to its highest level since 2007

Data due today include durable goods orders in the US.