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It's been a bad month for bonds, UBS and RBS round off bank-earnings season, and U.S. Q3 GDP is due. Here are some of the things people in markets are talking about today.

Bond rout

October has been the worst month for German bonds since 2013, with the yield on the benchmark 10-year bond climbing 30 basis points since the end of September. U.S. Treasury yields climbed to the highest level since May yesterday as investors increasingly become convinced the Federal Reserve will raise rates at its December meeting. Mohamed El-Erian's idea of favoring cash, seems to be catching on as asset managers say they are building up positions. 

UBS, RBS earnings

UBS Group AG said that pretax profit rose 11 percent to 877 million Swiss francs ($883 million) as cost cuts at the bank continue. Royal Bank of Scotland Group Plc said profits excluding one-time costs rose to 1.33 billion pounds ($1.6 billion), well ahead of estimates. Shares in RBS were trading more than 1 percent lower at 5:55 a.m. ET on concerns about litigation the bank faces in the U.S. In other earnings news, Amazon Inc. forecast holiday sales that may miss estimates, causing shares in the online retailer to fall in aftermarket trading. 

U.S. GDP

At 8:30 a.m. ET this morning the first print of third quarter GDP for the U.S. economy is released, with analysts expecting growth of 2.6 percent, a notable rebound following a sluggish first half of 2016. Capital-goods orders data yesterday showed their biggest drop since February, and while this is unlikely to prove a major drag on Q3 GDP numbers, it may temper some of the enthusiasm when the Commerce Department releases growth figures. 

Stocks drop

Overnight, the MSCI Asia Pacific Index lost 0.7 percent with Japan's Topix index breaking the trend, climbing 0.8 percent as the yen dropped to a three month low against the dollar, boosting exporters. In Europe, the Stoxx 600 Index was 0.5 percent lower at 6:13 a.m. ET as disappointing earnings outweighed increasing consumer confidence and growth in Spain and France. S&P 500 futures were little changed

OPEC meeting

A barrel of West Texas Intermediate for December delivery was trading at $49.58 at 6:22 a.m. ET, set for its first weekly drop since mid-September, as an OPEC committee is meeting in Vienna to discuss output quotas. In other oil news, General Electric Co. is holding discussions on a partnership with Baker Hughes Inc., with the options under consideration not including "an outright purchase,” according to a GE spokeswoman. 

What we've been reading 

This is what's caught our eye over the last 24 hours.

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