Market Summary
Tech Rally Pushes Equities Towards Record Highs: Global equities advanced as a technology-led rally offset concerns surrounding elevated oil prices and rising bond yields. European and US equity futures pointed higher, with investors continuing to favour risk assets despite Treasury markets remaining under pressure. The move comes as 10-year Treasury yields climbed to 5.34% during Monday's session, marking fresh multi-year highs.
Bond Yields Rise as Rate Concerns Persist: Sovereign bond markets remained under pressure as investors reassessed the outlook for interest rates. Treasury yields extended their recent advance, reflecting expectations that policymakers may need to maintain restrictive settings for longer. Higher yields weighed on traditional safe-haven assets, with spot gold slipping to $4,117 an ounce during early trading.
French Fiscal Risks Remain in Focus: EUR/USD consolidated around 1.12 ahead of Marine Le Pen's alternative budget proposals later today. Fiscal uncertainty continues to dominate the European outlook, with France's widening budget deficit and weaker polling data adding pressure to government finances. OAT-Bund spreads remain close to recent highs, while investors also await the latest French manufacturing data for further insights into economic momentum.
Economic Calendar
- French Manufacturing PMI
- Marine Le Pen Alternative Budget Proposals
Key Market Moves Today
- S&P 500 Futures: +0.18% (7,840)
- Crude Oil: -0.94% ($88.59)
- Spot Gold: -0.24% ($4,130
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