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Negativity all around: ADB downgrades China, IMF warning for global growth - TDS

FXStreet(Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, notes that risk assets were dusted in European and US trade as markets digested a round of negative news - ADB downgrades to China GDP, IMF warning of heightened risk to global growth and the ongoing VW emissions scandal.

Key Quotes

“The US session saw US inflation linked bonds hammered and breakevens crunched in, the move no doubt given a kick along with copper staging its sharpest one day fall in two months.”

“The sell down in risk continued in Asia following an underwhelming China flash PMI release. ACGB 10yrs are down a sharp 12bps in yield, the 3s10s curve is 5bps flatter and the AUD down 0.8% (US$0.7019 low), as the market jumps on Australia as the China proxy.”

“The NZD was again the 2nd worst performer –0.5% and aside from the 0.4% rally in the Yen (¥119.75), most crosses are little changed vs the USD. No surprises, for guessing that equities are in the red, down 2-3% across the major regional indices.”

Germany Markit Services PMI came in at 54.3, below expectations (54.6) in September

Germany Markit Services PMI came in at 54.3, below expectations (54.6) in September
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