Market wrap: Russia / OPEC’s production cut supporting risk-on - Westpac

Analysts at Westpac offered a market wrap.

Key Quotes:

"Global market sentiment: Sentiment was buoyant despite the US holiday, helped by news that Russia would join OPEC’s production cut. Brent crude is up 2.5% - a 12-month high. The S&P500 is up 0.5%, and the US dollar and US interest rates are higher.

Interest rates: The physical US 10yr treasury market was closed for the holiday but 10yr note futures continued to trade, the yield rising from 1.71% to 1.76%. German 10yr bund yields rose from 0.0% to 0.06%.

Currencies:  The US dollar index is trading near its two-month high. EUR fell from 1.1190 to 1.1133 – near the bottom of a two-month range. USD/JPY rose from 102.90 to 103.80, the safe-haven yen the day’s underperformer. AUD performed well, rising from 0.7580 to 0.7628 before slipping to 0.7605. NZD fell from 0.7160 to 0.7122. AUD/NZD rose from 1.0600 to 1.0679 – a two-month high. Iron ore rose 1.4% in the wake of China’s return from holiday."