European stock markets are broadly lower, following on from losses on Wall Street Thursday and a correction across Asia overnight. U.S. futures are higher, though, with the NASDAQ leading the way and up 0.3% as tech bulls start to return. Bonds have pared early gains, but the German 10-year is still down -0.4 bp, the 10-year Gilt down -0.3 bp and the U.S. Treasury rate unchanged at 4.48%. The short end of the Gilt curve outperformed, and the 2-year yield corrected -1.7 bp after weaker than expected retail sales numbers. However, the BoE is unlikely to move during the election campaign, which means it would have to wait until after July 4 before delivering a first cut. The DXY dollar index has dipped below the 105 mark, and oil prices and gold benefited.
