German DAX tumbles today together with 10-year bund yield, in otherwise quiet markets. Mercedes-Benz maker Daimler leads the decline with 3% fall after it cuts 2019 earnings outlook on Sunday. 10-year bund yield hit as low as -0.314, not far from-0.326 record low. Investors elsewhere are on the sidelines though, waiting for Trump-Xi meeting at G20 later in the week. Gold is in consolidation below last week’s high of 1411.82. WTI oil edged higher to 58.14 but it’s losing some upside momentum. US is preparing for more sanctions against Iran but the impact is definitely much lower than a war.

In the forex markets, Dollar remains the weakest one for today, followed by Yen and then Sterling. There is no buying in Dollar for sustainable rebound yet. Fed Chair Jerome Powell’s speech on Tuesday might give some clues on how close Fed is to rate cut. But probably he’s doesn’t have a clue himself considering the uncertainty in trade negotiations. Also, Dollar will look into some key economic data, starting from durables and PCE inflation this week, then ISMs and NFP next. On the other hand, Australian Dollar is currently the strongest, followed by Canadian and then New Zealand. Euro is mixed after German Ifo business climate dropped to lowest since November 2014, without serious deterioration.

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In Europe, currently:

  • FTSE is down -0.06%.
  • DAX is down -0.53%.
  • CAC is down -0.13%.
  • German 10-year bund yield is down -0.0276 at -0.31.

Earlier in Asia:

  • Nikkei rose 0.13%.
  • Hong Kong HSI rose 0.14%.
  • China Shanghai SSE rose 0.21%.
  • Singapore Strait Times dropped -0.30%.
  • Japan 10-year JGB yield rose 0.0155 to -0.152.


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