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  • Welcome to the FT Market Minute.

  • Here's what we're watching in London on Thursday morning.

  • Well, we're seeing a bit of a stall in the reflation trade.

  • After FTSE All-World Equity Index to fresh intraday record in Asian trading,

  • a spot of profit taking in Europe is taking place.

  • But let's keep this in perspective.

  • Moods are mild and futures still suggest Wall Street will open Thursday session around record levels.

  • Still, bond yields, which jumped higher in recent sessions following supposedly hawkish comments

  • from Fed Chair Janet Yellen and some strong US data,

  • are pulling back a few basis points today.

  • The dollar is also nudging lower as the Euro, Pound, and Yen see mild gains.

  • Industrial commodities are easing back, and gold is firmer.

  • Now whether all this marks the CREST of the latest bull then, or merely a pause of consolidation, we must wait and see.

  • It was interesting what happened on Wall Street in the previous session,

  • as the February VIX futures contract expires,

  • the main VIX, which measures expected volatility for the S&P 500, jumped more than 10%.

  • This happened to even as stocks were having a good day.

  • It rather suggests investors of becoming more worried about protecting their portfolios.

Welcome to the FT Market Minute.

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