Live Markets: Q4 off to rocky start
LIVE MARKETS-Q4 off to rocky start Adds new blog entry
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Q4 OFF TO ROCKY START
Europe's STOXX 600 .STOXX is starting the fourth quarter on the defensive as bond yields and oil prices are rising again.
The pan-European benchmark is down over 1.3% to its lowest since mid June. It fell over 1% last quarter.
Breadth is negative with over 90% of stocks in the index trading lower.
The relentless bond market selloff is starting to bite. Higher bond yields can weigh on equity markets, particularly if they are driven by worries about higher inflation and central bank tightening, rather than an improving economy.
A warning from "Bond King" Bill Gross in the Financial Times saying not to own bonds and be cautious with stocks might be getting some attention.
All the sectors are in the red with banks .SX7P the biggest laggard.
The only slightly bright spot is the tech hardware space where the likes of Inficon IFCN.S, Infineon IFXGn.DE, Comet COTNE.S and VAT Group VACN.S are trading a touch higher after Micron's MU.O earnings after market on Wednesday.
Here's your opening snapshot:
(Samuel Indyk)
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EARLIER ON LIVE MARKETS:
EUROPE BEFORE THE BELL: FUTURES IN THE RED, SEMIS SET FOR BOOST CLICK HERE
INFLATION RELIEF GIVES BONDS LITTLE REPRIEVE CLICK HERE