Benzinga | Oct 08, 2013 10:03AM ET
Yields for one month US Treasury bills spiked as investors backed away in fear of a default. On Tuesday, the T-bills traded near 0.16 percent, up 14 basis points from last week.
With the US government in its second week of a shutdown, markets are becoming increasingly worried about the possibility that Congress will not come to an agreement by the October 17 deadline. Failure to reach a deal and raise the government’s borrowing limit would lead the US to default on its debt, something that would have far reaching consequences.
Top News
In other news around the markets:
Asian Markets
Asian markets were up across the board with the exception of Australia’s ASX 200 and New Zealand’s NZ 50 which were down 0.23 percent and 0.37 percent respectively. The Japanese NIKKEI gained 0.30 percent and the Indonesian JSX composite was up 1.32 percent.
European Markets
Europe’s markets were down across the board on Tuesday. The UK’s FTSE lost 0.72 percent and the eurozone’s STOXX 600 was down 0.47 percent. Italy’s MIB was down 0.45 percent and the German DAX fell 0.23 percent.
Commodities
Energy futures picked up with Brent futures up 0.15 percent and WTI futures up 0.39 percent. Gold lost 0.35 percent and silver fell 0.45 percent. Industrial metals fared better with copper up 0.46 percent and Aluminum up 0.61 percent.
Currencies
The euro continued to trade above $1.35 but the pound lost 0.22 percent to the dollar. The yen was down 0.40 percent against the dollar.
Earnings
No notable earnings were released on Monday
Pre-Market Movers
Stocks moving in the pre-market included:
Earnings
Earnings reports expected on Tuesday include:
Economics
Tuesday’s economic calendar will be packed with a host of Canadian data including trade balance, exports, imports and housing starts. Other notable releases from around the world include, French trade balance, Spanish industrial production, German trade balance and Swiss retail sales and unemployment rate.
BY Laura Brodbeck
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