The Israeli ‘second-phase’ incursion into Gaza dampened risk appetite, raising fears of a larger conflict.
The Federal Reserve is expected to stand pat at its policy meeting this week due to the sharp rise in market borrowing costs.
Early on Monday, S&P 500 futures had edged up 0.3% to 4,151, while Nasdaq futures added 0.5%. EUROSTOXX 50 futures slipped 0.2% and FTSE futures were flat. Japan’s Nikkei fell 1.1% amid speculation the Bank of Japan might tweak its yield curve control policy after its two-day policy meeting wraps up on Tuesday.
Abandoning YCC altogether would likely see Japanese bond yields rise and add to pressure on global markets already bruised by a vicious sell-off in U.S. Treasuries.Yields on 10-year Treasuries stood at 4.87% on Monday, having climbed 30 basis points so far this month and touched 16-year peaks at 5.021%.
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