Where ever you look – apart from AAPL (-0.5%) – risk-related assets are on another tear this morning. Following the better-than-expected (though totally noisy) goods orders headlines – which a mere scratch below the surface show to be considerably less exuberant than expected, EURUSD surged back up to unchanged, 10Y Treasury yields pushed back above 2% for the first time in 9 months, and S&P 500 futures touched 1500. Bonds and stocks are modestly recoupling but not as much as one would think given the 10Y shift. Meanwhile CAT is up 2.5% on a cautious outlook and BA is down 0.6% (as driver of the macro rally?).
and for a sense of bond vs stocks – there is some narrowing of the divergence but not as much as one would expect…
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