Global stocks slip as US Trea­sury yields surge

The Myanmar Times - Weekend - - International Business -

EURO­PEAN stocks fol­lowed Asian mar­kets lower Thurs­day as yields on U.S. Trea­sury yields surged to mul­ti­year highs af­ter Fed­eral Re­serve of­fi­cials ex­pressed con­fi­dence in the eco­nomic ex­pan­sion.

KEEP­ING SCORE: France’s CAC 40 sank 0.8 per­cent to 5,445, while Bri­tain’s FTSE 100 tum­bled 0.9 per­cent, to 7,445. The DAX in Ger­many was flat at 12,292. The S&P and Dow fu­tures both lost 0.4 per­cent, au­gur­ing a dis­mal start for Wall Street.

ASIA’S DAY: In­dia’s Sen­sex tum­bled 2.2 per­cent to 35,237.49 and Hong Kong’s Hang Seng in­dex sank 1.7 per­cent to 26,623.87. Ja­pan’s Nikkei 225 in­dex lost 0.6 per­cent to 23,975.32, while the Kospi in South Korea sank 1.5 per­cent to 2,274.49. Aus­tralia alone posted gains, as the S&P ASX 200 jumped 0.5 per­cent to 6,176.30. In­dia’s Sen­sex lost 1.8 per­cent to 35,332.22. Shares also fell in Tai­wan, Sin­ga­pore and Thai­land. Mar­kets in main­land China are closed for a week­long hol­i­day.

BONDS SURGE: The yield on the bench­mark 10-year Trea­sury note spiked to its high­est level in more than seven years and was hov­er­ing at 3.22 per­cent Thurs­day. The surge in bond yields has been driven by US in­ter­est rate hikes, but­tressed by bullish com­men­tary from Fed­eral Re­serve Chair­man Jerome Pow­ell and other US cen­tral bank of­fi­cials.

IN­DIAN SELL-OFF: Shares sank in In­dia on con­cerns over con­tin­ued weak­ness in the ru­pee and over the coun­try’s trade deficit thanks to surg­ing costs for oil im­ports. Re­ports said the com­merce min­is­ter planned to con­vene a meet­ing Thurs­day to dis­cuss the prob­lem. The ru­pee was trad­ing at 73.71 to a US dol­lar af­ter hit­ting a record low of 73.81. The cur­rency has lost 15 per­cent this year.

EN­ERGY: Bench­mark US. crude fell 18 cents to $76.23 per bar­rel in elec­tronic trad­ing on the New York Mer­can­tile Ex­change.

It jumped 1.6 per­cent to set­tle at $76.41 a bar­rel in New York. US crude hit four-year highs this week. Brent crude, used to price in­ter­na­tional oils, lost 19 cents to $86.10 per bar­rel. It rose 1.8 per­cent to $86.29 a bar­rel in Lon­don.

CUR­REN­CIES: The dol­lar fell to 114.25 from 114.48 yen. The euro was up at $1.1504 from $1.1475.

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