THE MORNING TRACK - DRIVERLESS?
We wake up expecting more trend and get more mean-reversion. The EUR break of 1.10 last week has not yet had any follow through. US bonds aren’t really that much weaker – with 1.81% 10Y looking important support.The global equity markets are lower but perhaps they should be given the earnings risks ahead and hangovers from weekend. The news headlines aren’t to blame for much other than rates and they don’t seem to drive like they used to …perhaps we are in a driverless Monday market where the wait will be for the leaders to take over the wheel else we are all prey to the machines.
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