Market Briefing: Truss Turnabout Bolsters Sentiment
Risk-sensitive assets are staging a mild recovery this morning after the UK government said it would shelve a package of unfunded fiscal measures that had triggered alarm in gilt and global funding markets. Equity indices are setting up for a stronger open and the ten-year US Treasury yield is pushing back below 4 percent, providing relief across the financial system. The dollar is weaker, and commodity linked units are rising on the crosses as traders hesitantly tiptoe back into still-turbulent foreign exchange markets. The pound jumped and gilt yields fell after new chancellor Jeremy Hunt reversed virtually all of his...