Daily Market Commentary

August 10, 2020

Bonds
Treasury yields are slightly richer across the curve as U.S. session gets under way after futures erased losses. This week brings a record amount of Treasury supply, beginning Tuesday with $48b 3-year note auction and including $38b 10-year and $26b 30-year sales.

Economy
Market value of the world's equities has risen above the dollar value of the global economy, which some investors say is a sign of overheated markets. Total stock-market capitalization reached $88.83 trillion, compared with the 2019 gross domestic product of all countries at $87.75 trillion.

World
China said it will sanction 11 Americans in retaliation for similar measures imposed by the U.S. on Friday, but the list doesn't include any member of the Trump administration.

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