• Wall Street had a mixed performance on September 10; the DJIA closed down -0.23%, while S&P 500 and Nasdaq gained +0.45% and +0.84%, respectively.
• Major stock indexes closed higher on Tuesday, lifted by tech stocks despite weakness in banks and energy. Tesla surged +4.6%, Amazon gained +2.4%, and Microsoft added +2.1%, while energy stocks struggled as WTI crude oil dropped -4.3% to a 16-month low.
• The 10-yr UST yield declined -5.0 bps to 3.65%, while the 2-yr yield tumbled by -9.0 bps to 3.59%. T-notes initially fell on supply pressures from the Treasury’s USD58 billion auction of 3-yr T-notes, part of a USD119 billion package of T-notes and T-bonds this week.
• In Europe, Germany's annual inflation rate was confirmed at 1.9% in August 2024, down from 2.3% in July. The EU-harmonized CPI fell to 2.0% YoY from 2.6% and decreased 0.2% MoM, after a 0.5% increase in July.
• In Asia, China's trade surplus rose +34.23% YoY to USD 91.02 billion in August 2024, up from USD 67.81 billion a year ago. Exports climbed +8.7% YoY to USD 308.65 billion, the highest in 23 months, while imports increased +0.5% to USD 217.63 billion, sharply down from a +7.2% rise in July.
• Global bond yields declined on Tuesday: the 10-yr German bund yield fell -3.8 bps to 2.13%, the 10-yr UK gilt yield dropped -3.7 bps to 3.82%, and the 10-yr Japanese JGB edged down -0.1 bps to 0.90%.
