US stocks were buoyant on Monday closing at record highs; the DOW and S&P rose 0.18% and 0.47% to notch a fresh set of records. The NASDAQ led gains on the day, up 0.90%, to close within 1% of its record high. Of note was Tesla’s 12.66% gain to top $1 trillion in market value as Hertz announced plans to order 100,000 vehicles for its fleet. Yield on 10Y USTs closed about flat at 1.6307%.

German business confidence dropped to a 6-month low in October with the Ifo index coming at 97.7 against an expected 98.0; supply chain constraints were cited as the major driver for the decreasing confidence. Also adding to the uncertainty are concerns on how business-friendly the upcoming government will be; talks between Social Democrats, Greens and the FDP are still ongoing over a coalition. The euro closed slightly weaker at $1.1608 while yield on 10Y DBRs closed lower at -0.114%.

Asia stocks traded mostly higher on Tuesday following Wall Street’s bullish run on Monday. The NIKKEI led gains up 1.77%, pushed in part by a 2.64% gain in Sony. The KOSPI was similarly firmer, up 0.94%, as Q3 GDP grew at 4.0% while the ASX was just in the green at 0.03%. The CSI and HANG SENG were down 0.33% and 0.43% respectively as China reimposed travel restrictions to combat COVID outbreaks.

The lira reversed early losses on Monday following President Erdogan’s decision to drop his call for Western envoys to be expelled from Turkey. The threat, made over the weekend, had seen the lira tumble to a record 9.8481 to the dollar early Monday before paring losses to close at 9.5929; it opened firmer, trading at 9.5181 at 7:30GMT. The benchmark Borsa Istanbul 100 likewise reversed early losses to close 1.00% firmer. Yield on TURKEY 31s which had topped 7.25% during the session similarly reversed to close about 7.06%.

The Central bank of Nigeria introduced its digital currency on Monday becoming the first African country. The eNaira’s platform has already been integrated with 33 banks, the CBN said at the launch. Elsewhere, NGERIA Eurobonds traded much weaker, shedding about 0.375pts in cash price.