HEADLINES – INTERNATIONAL
Dollar and stocks fell amid uncertainty sparked by President Trump’s immigration order and concern about U.S. protectionism; Treasury yields were mixed
Trump defends immigration order as CEOs warn of disruptions. Repercussions of order continued to unfold with heads of industries from finance to auto starting to grapple with implications
The European Commission in Brussels today reports economic confidence rose to 107.9 from 107.8 in Dec
MARKETS IN DETAIL
The dollar fell to its low of the session, reverting to a defensive tone amid concern about protectionism in the U.S. after President Trump’s executive order Friday that clamped down on immigration and after earlier threats of border tariffs.
Yen gained vs all G-10 peers as equities dropped; Swiss franc also gained
GBP/USD extends slide to as low as 1.2468, underperforming G-10 peers even as the dollar rally has faltered since late last week amid worries over the apparent U.S. protectionist stance adopted by president Trump
US Treasuries retreat from near highest levels of U.S. trading as block sale in Ultra Bond futures weighs on long-end of the curve.
French and Italian yields climbed to highest relative to Germany since 2014
European bonds fell after data showing Germany’s consumer price index accelerated to 1.9 percent from a year ago, the highest rate since July 2013. The yield on 10-year German bunds fell one basis point to 0.449 percent.
US Stocks tracked global equities lower, with S&P 500 losing ~0.8%
European stock and bonds plunged on political concerns and after Germany inflation data neared 2%, signaling the possible end of ECB stimulus
Stoxx Europe 600 Index fell 1.1%, most since Nov. 2
West Texas Intermediate crude lost 1 percent to settle at $52.63 a barrel, capping a second straight day of losses.
Gold rose 0.6 percent to $1,197.90 an ounce, reversing its first weekly loss in a month.