Markets a little less bumpy in NY - ANZ

Analysts at ANZ explained that the ride in markets was a little less bumpy once the US session got underway, although the majority of recent moves have occurred in the late NY afternoon, so it could be one of temporary stability.

Key Quotes:

"The Dow opened down 500 points, but quickly shot up 900pts before stabilising near the open. It has traded +/-1% the majority of the day. S&P 500 opened lower before shooting up 3.4% from the low and then declining to largely unchanged."

"VIX traded above 50 briefly before falling to a low of 22.4 and is now trading at 36.3. European bourses were in the red, falling 2.3-2.6%. Treasury yields moved higher, to be currently up 6-7bps across the curve. The USD declined against most in the G10 with NZD leading gains, up 0.6%. Commodity prices were slightly weaker (CRB -0.3%)."