- Stocks end in the red, mostly. Main U.S. and European indices fall 0.7%-1.1%, but Asia holds up better – China flat, Japan in the green, MSCI Asia ex-Japan down 0.4%
- The dollar has its best day in over a month, rising 0.8% and rebounding from last week’s three and a half year low. With bearish positioning and sentiment so stretched, it looks like a proper snap back has finally occurred.
- Oil leaps more than 4%, with Brent futures well above $76/bbl and WTI futures back above $75/bbl.
- Treasury yields fall across the curve, as much as 7 bps at the long end which bull flattens the curve. $23 billion auction of 5-year TIPS draws strong demand.
- Silver rises above $37/oz for the first time in over 13 years. It’s up 12% so far this month, pulling away from gold, which is up 2% in June.
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