Global markets wrap - ANZ

Analysts at ANZ explained that the data out of Europe, and in particular Germany, was impressive. 

Key Quotes:

"EA unemployment is now at a 9-year low, whilst the German economy is showing signs of overheating. But interestingly, the euro didn’t rally. 

It is being superseded by the focus on the US bond market, and so far this week it seems the ‘strong EA growth/buy the euro’ story has run its course for the moment. 

The yield on the US 10-year note has risen by around 10bps since its post NFP low last Friday and further rises may be possible if yields can consolidate above 2.5%. 

At one point overnight the 10- year yield was up 6bps to 2.54%. European yields followed US yields higher, with the 10-year bund rising 4bps to 0.47%. 

Elsewhere, equity markets continued their solid run, with the S&P 500 up 0.3% and gains in major European bourses between 0.1% and 0.5%. Commodities were generally solid, with WTI rising 1.5% to $62.6/bbl, although gold fell 0.7%."