Market wrap: 10-year treasury yields through the key 2.4% mark, dollar higher - ANZ

Analysts at ANZ noted offered a market wrap.

Key Quotes:

"Solid October PMIs for Europe, US and Japan, alongside better than expected Q3 corporate earnings results from bellwether companies such as Caterpillar and 3M continued to signal a rosy global economic backdrop. Momentum in the US looks the strongest at present with both the services and manufacturing PMIs for October lifting. Combined with strong corporate earnings results the Dow Jones hit a new record (+0.85%) with industrials lifting 3.3%."

"Elsewhere the response was more limited with other US equities indices up 0.2-0.4%. In Europe the major equity indices were largely unchanged as they await the ECB later this week. Yields also lifted with curves steepening. German bunds initially lead the move higher on better EU manufacturing PMIs and continued political tensions in Spain. US yields then played catch-up and solid data pushing 10-year treasury yields through the key 2.4% mark. The USD continued to perform well in this environment lifting against most of the G10, except the euro."