24 Februari 2016 12:53 AM
Analysts at ANZ explained that the market sentiment softened overnight following weakness in Asia, softer US data and oil prices declining as the political ping pong on supply caps continued.Key Quotes:
"US Treasury yields opened down after a low fix in the yuan, but then rose, with equities and oil holding their ground early on. However, the move proved to be short-lived as comments from Saudi oil minister Ali al-Naimi that Saudi Arabia would not cut output, and from Iranian oil minister Bijan Namdar Zanganeh that last week’s agreement between Saudi Arabia and Russia to freeze oil production at January levels was “ridiculous”, weighed on equity markets and pushed oil prices around 3-4% lower.
The moves in equity markets were exacerbated by weaker-than- expected US data flow (see detail over page). At the close, European equity markets were down 1.5%, while the major US bourses were down a little over 1%.
European sovereign bond yields were mixed, while US yields were marginally lower. Commodity prices were weaker, led by energy (oil) and grains. Precious and industrials metals generally had a better session."
(Market News Provided by FXstreet)
