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Daily Insights 

August 28, 2015
 

Risk rally extends in Asia

  • European equities are trading with a weaker tone this morning following yesterday’s rebound and broad-based gains in Asian stocks. Eurostoxx is down 0.4%, with most equity sectors in the red with the exception of Oil and Gas, which has rallied by over 1% following yesterday’s rally in oil prices. In Asia, Chinese equities registered a second day of gains as Tuesday’s policy easing continued to reverberate. Equity volatility gauges, including VStoxx and VIX, have stabilized following the sharp move lower earlier this week. The USD remained firm despite losing some steam in Asian trading while UST yields pushed higher, especially on the short end of the curve. We are turning neutral on our OTM 5s30s bear-steepener recommendation but recommend selling 3m5y straddles.
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