GBP

The slow-motion flight to safety that began on the weekend is showing signs of exhaustion in currency markets this morning, but sentiment remains fragile. Japanese government bond yields are stabilising after a hawkish speech from Bank of Japan governor Kazuo Ueda triggered a selloff in yesterday’s session, and rates are edging down across most advanced-economy debt markets. Benchmark ten-year US Treasury yields are holding firm after an eight-basis-point jump, equity futures are reversing higher, cryptocurrencies are slowing their decline, and the dollar is trading sideways as participants keep a wary eye on the exits. Calm should return. The weekend’s bringing-forward...

Financial markets are kicking off December in a turbulent fashion as policy tightening hints from the Bank of Japan nudge global rates higher and dull the dollar’s appeal. Ten-year Treasury yields are up nearly four basis points, equity futures are pointing to small early declines, and the greenback is slipping against a broad basket of peers ahead of the North American open. The yen is outperforming its counterparts after Bank of Japan governor Kazuo Ueda appeared to lay the groundwork for a December rate hike. The currency advanced as much as 0.6 percent against the dollar this morning when Ueda...