FTSE opens higher after sliding into correction territory

The blue chip index was up 64 points at 6,276 shortly after the open, following on from a tumultuous session in the US overnight. Having been closed for Colombus Day on Monday, US bond markets saw wild moves yesterday, the 10-year US treasury yield dropping as much as 34bps to 1.84% before rallying to 2.15% later in the day. Such price action is highly unusual in more liquid bond markets, but the initial sell-off appears to have been driven by little more than a poor set of retail sales data from the US. In equity markets, the S&P 500 closed down 0.8%, having earlier been down as ...