At the turn of the month, it’s not looking too optimistic for stocks ahead of the main events later today. US futures are still pointing lower after a brief recovery at the start of European trading. In turn, European indices are also now trading little changed as investors sense caution more than anything else.

The Fed is one to watch but I reckon the US Treasury refunding announcement will be the more important event for broader market sentiment today. If bonds come under further pressure with 10-year yields looking to 5%, that could yet pile on the hurt for stocks as we get things going in November.

This article was written by Justin Low at www.forexlive.com.