European stock markets are slightly lower in opening trade, after a mixed close across Asia, where the Hang Seng corrected some of its recent gains and the ASX was hit by a "hawkish hike" from the RBA. Unexpectedly strong U.S. services data yesterday had fuelled rate hike bets yesterday and left Wall Street with steep losses at the close, but U.S. futures are managing slight gains at the moment. U.S. Treasury yields are slightly higher, with the 10-year at 3.579% at the moment. The 10-year Gilt rate is also higher, after stronger than expected BRC retail sales numbers, but Bunds have already pared earlier losses and the German 10-year rate is down -0.9 bp at 1.86%, despite strong German orders data. ECB chief economist Lane said he is confident that inflation is near its peak, which has left markets pricing out the risk of a 75 bp hike at the upcoming meeting. Australia's 10-year yield moved up 3.0 bp after the RBA delivered a 25 bp hike and said that more tightening is underway. The DXY dollar index is at 105.160, USD-JPY has lifted to 136.88, EUR-USD is just under the 1.05 mark and cable at 1.22. The front end WTI contract meanwhile is trading at USD 77.43 per barrel.
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