The market exit looks more crowded than a Who concert in Cincinnati.
Judging from today’s early morning read of the global markets bonds are being sold off hard across the board as yields climb to levels in Asia and Europe that have not been seen in years. All major bond indices across the globe have yields climbing higher lead by the German 10-year bund, which hit 0.54%, a level not seen since the end of 2015.
The spill over to global stock sell off began in Asia tepidly, but is ramping up across Europe and as the US eyes its opening bell in the red.
It appears all this cash is moving into commodities as crude oil, natural gas and precious metals are all moving higher.
The impetus for the market moves seem to be coming before the ECB releases its minutes from its June meetings. Since the Fed minutes on Wednesday had little information on the timing of its selling off some of its balance sheet assets, investors are looking for direction and timing from the ECB.
This is how skittish large market players are today. The hint of a possibility of a bit of information can rattle the largest securities markets around the globe.