Overnight ation: month and quarter-end jostling - ANZ

Analysts at ANZ explained that month and quarter-end jostling contributed to reasonably subdued market activity for most of the session.

Key Quotes:

"Equity markets were little changed initially, although reports of problems with the iPhone 7 battery weighed on Apple, and equities came off late in the session as financials got hit. The yield on the US 10-yr bond tried to push higher but settled around 1.55% as risk sentiment wobbled later on.

Bond yield inflation break-evens drifted higher with oil. At the time of writing the S&P 500 was off 1.0%, dragged lower by financials, with concerns over one entity weighing in particular, and reporting by Bloomberg that some funds had withdrawn excess cash and positions held. It’s reminiscent of 2008, and has a “Groundhog Day” feel to it. European bourses were a mixed bag.

The DAX was down but the CAC rose. The FTSE was buoyed by the firmer oil outlook and Sterling weakness. In the commodity space oil was up but soft commodities generally lower. The CRB futures index was flat."