Markets were in a positive mood, helped by Fed Chair Powell’s repeated message that the Fed will remain accommodative for a long time. The S&P500 is up 1.1% currently. Bond yields and commodity currencies are also higher.

The recent decline in equities accelerated, the S&P500 at one point down 1.8% to a one-month low. That reaction was pared after Fed Chair Powell testified to Congress that it will maintain its accommodative stance for some time, the index currently down 0.3%. Bond yields were rangebound, while currencies were mixed.

US equities faded near the close, leaving the S&P500 down 0.2% on the day. Rising term interest rates remained a concern for that asset class. Major bond yields rose to 12-month highs, helped by strong manufacturing PMI updates in Europe and the UK, and the AUD and NZD outperformed.

US equities fell for a third consecutive day, the S&P500 down 0.8%. However, the defensive US dollar also fell, while bond yields rose slightly. There was little market-moving news. Concerns are emerging about the impact of rising term interest rates on equities prices.

Strong US economic data and slippage in equities (S&P500 down 0.4%) lifted the US dollar. Bond yields fell slightly.

Sentiment remained upbeat as the US returned from holiday, the S&P500 nudging 0.1% higher to a fresh record high. Bond yields also rose, but the defensive US dollar rebounded.

Sentiment remained upbeat as vaccine deployment and US fiscal stimulus were expected to help economic normalisation. The US was on holiday, but the Eurostoxx50 rose 1.0% to a one-year high. Bond yields and commodities rose, while the defensive US dollar fell slightly.

Equity markets remained upbeat, the S&P500 up 0.5% to a fresh record high. Bond yields and commodity prices also rose, although the usually defensive US dollar held its ground. There was little fresh news for markets.

Equities continued to consolidate near all-time highs, the S&P500 currently down 0.3% on the day. Bond yields rose slightly, though, and the AUD and NZD made modest gains.

Sentiment remained cautious, with disappointing US inflation data contributing to the mood. The S&P500 initially made a fresh record high but is currently down 0.2% on the day. Bond yields fell, while currencies were mixed