- A weekend German media report said the government has no intention of coming to the rescue of Deutsche Bank, sending that stock lower by more than 7% and the Dax by 2.2%. Of course, governments always say this ... usually not long before announcing a support package.
- The U.S. major averages are lower by about 0.85%, and there's the added uncertainty of tonight's first presidential debate.
- The 10-year U.S. Treasury yield is down by three basis points to 1.585% - roughly the lowest level this month - and traders are cutting bets on the odds of a December rate hike even as the Fed more or less last week promised us one.
- TLT +0.4%, TBT -0.8%
- Across the pond, the German 10-year Bund yield is down 3.3 basis points to negative 0.113% (perhaps the easiest "rescue" for DB would be positive rates).
- ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, BUNL, BUNT, LBND, GGOV, VUSTX, DLBL, TYBS