Russia claims that peace talks with Ukraine are still ongoing and are being held remotely.
Vladimir Medinsky, Russia’s chief negotiator, made the following remarks:
Well, but it’s not like the peace talks are going anywhere.
There are still irreconcilable differences on both sides, and that will not change.
In his Victory Day speech, Russian President Putin previously stated that the “special military operation” in Ukraine was the correct decision.
SNB total sight deposits as of 6 May CHF 750.9 billion compared to CHF 744.4 billion previously
Latest data released by the SNB – 9 May 2022 Domestic sight deposits CHF 665.3 billion compared to CHF 667.1 billion previously
The previous week’s release is available here. This represents a significant increase in overall sight deposits and suggests that the SNB is working hard to push the EUR/CHF from 1.02 to 1.04 levels at the moment.
Their job is also aided by more hawkish ECB remarks in the last week, so Jordan and company should have no complaints.
Treasuries continue to fall as yields rise.
10-year yields reach 3.17 percent The chart above is rather ominous, as 10-year Treasury yields are on the verge of breaking higher for the first time in decades.
Yields have risen to 3.17 percent, closing in on the 2018 high of 3.25 percent. The move was capped at the time by the 200-month moving average.
It is unusual to see markets sell off so heavily and across all asset classes, but that appears to be the case right now.
There’s also the argument that charts don’t lie, and when you look at the one above, it’s hard to go against the momentum if yields continue to rise.
- The bond market “bubble” is one of the most mythical aspects of financial markets over the last two decades.
- In any case, the trend this year has been, to put it mildly, unrelenting. Today’s movements are as follows:
- 2-year Treasury yields are up 4.3 basis points to 2.739 percent.
- The 5-year Treasury yield has increased by 5.2 basis points to 3.098 percent.
- The 10-year Treasury yield has increased by 5.2 basis points to 3.175 percent.
- 30-year Treasury yields increased by 4.4 basis points to 3.265 percent.
European equities begin the day lower. Stocks are having a rough start to the week, with the
Eurostoxx down 0.8%, the DAX down 0.4%, and the CAC 40 down 0.8%, FTSE 100 UK -0.2% & IBEX Spain -0.5 percent
The drag is mirroring the mood in US futures, with S&P 500 futures currently down 0.8 percent.
Equities are still under pressure as markets in general continue to fall.
The dollar maintains firm control in the major currency space, with USD/JPY trading above 131.00 and EUR/USD falling 0.5 percent to test 1.0500 once more.
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