Treasury Market Outlook: bonds and stocks are little changed
Treasury Market Outlook: bonds and stocks are little changed in light summer trading. Treasury and core sovereign yields in Europe are fractionally higher, while JGB rates and the European periphery are marginally lower. The 10-year Treasury is at 2.260%, having ranged very narrowly between 2.253% and 2.265%. Most equity markets are posting small declines, including U.S. futures. There wasn't a lot of news overnight to provide direction. China's trade data showed larger than expected slowing in both y/y exports and imports, while the trade surplus in Germany widened, but amid declines in both exports and imports. Earnings will remain a major feature in today's U.S. trading, along with supply as the $24 B 3-year sale kicks off the $62 B refunding. Data includes June JOLTS, and weekly chain store sales. The NFIB reported a pick up in small business optimism in July to 105.2 from 103.6.