© Reuters. FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. REUTERS/Brendan McDermid/File Photo
A look at the day ahead in U.S. and global markets from Mike Dolan
Subdued world markets were relieved at the ease with which Monday’s sale of U.S. Treasuries was absorbed, but firmer oil prices ahead of the week’s postponed OPEC+ meeting cut across any further decline in yields for now.
Benchmark Treasury yields fell back more than 10 basis points to 4.37% after a total of $109 billion of 2 and 5-year notes hit the Street on Monday without much disruption. Another weak U.S. housing readout, with sub-forecast new home sales last month, perhaps flattered the post-auction moves.
Either way, it helped calm any jitters about another heavy diary of debt sales – with some $39 billion of 7-year notes up for grabs later on Tuesday.
November consumer confidence data will also be released as investors assess the mood on the High Street and online from “Black Friday” and “Cyber Monday” retail activity.
Preliminary estimates from Adobe (NASDAQ:) Digital Insights indicated that spending online on Monday was on track to…
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