The day began with the, not unexpected, news of President Joe Biden dropping out of the race and the market reaction so far has been measured. Wall Street...
Traders work on the floor at the NYSE in New YorkThe day began with the, not unexpected, news of President Joe Biden dropping out of the race and the market reaction so far has been measured. Wall Street futures are a shade firmer, bond yields down a tick and the dollar little changed overall.
The other main event was a surprise rate cut from China's central bank, which trimmed its seven-day repo rate by 10 basis points. That saw longer-term borrowing costs decline by a similar amount, while bond yields dipped across the curve despite recent efforts by the PBOC to push them higher. Much of Asia was also in the red, with Taiwan taking a beating amid worries about U.S. restrictions on chip sales and the risk a Trump administration would slap tariffs on a host of imports, possibly triggering a global trade war.
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