Easing

(Bloomberg) The equity selloff that saw year-to-date gains wiped out for both the S&P 500 Index and the Dow Jones Industrial Average in yesterday’s U.S. session appears to be running out of steam this morning. The Stoxx 600 Index was trading 0.4 percent higher by 5:45 a.m. Eastern Time and U.S. futures also rallied as technical indicators show markets across the globe are in a deeply oversold territory. Overnight, the MSCI Asia Pacific Index fell 2 percent while Japan’s Topix index closed 3.1 percent lower. The Treasury market remained relatively quiet with the 10-year yield at 3.130 percent while gold slipped slightly.