Bonds and Stocks Retreat Ahead of U.S. Data

European yields have recovered slightly, but the Euro is trading under pressure following Friday’s sharp selloff with yields, while Asian bonds closed weaker. Gilts are leading the rally, after pacing the move Friday and the yield is over 3 basis points lower to 1.307%. The Treasury note is down nearly 3 basis points to 2.374%. Equities remain in the red for the most part, with the FTSE bucking the trend as Sterling tumbles. The Nikkei dropped after hitting 25-year highs last week. The ECB’s Constancio said the Bank must be patient. The only data release is the October Treasury budget. Philly Fed’s Harker, a current voter, said from Tokyo that he expects to be supportive of a December rate hike, though he doubts there will be a large move in core inflation by year end.

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