Gold Rises and Oil Consolidates as Stocks Drift into New Year

European yields continued to recover some of yesterday’s losses and moved higher, helping the Euro break higher and gold prices gain traction. Eurozone peripherals outperformed led by Italy, where the 10-year dropped -1.5 basis points after a successful 10-year auction. Sluggish trading is like likely to exaggerate moves especially in the smaller markets as the ECB remains absent over the holiday period. Both Bund and Gilt yields are up from earlier lows, however, as stock markets headed further south. The DAX is down along with the FTSE 100 as a weaker USD is weighing on sentiment.

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