MSCI’s global index of stocks kicked off fourth-quarter trading with a decline as US Treasury yields and the dollar rose while investors worried that rates would stay higher for longer.
But US manufacturing took a step further toward recovery in September as production picked up and employment rebounded. “The sell-off in bonds has been continuing. There’s a combination of economic growth being higher-than-expected and the Fed having to keep rates higher for longer and general concern that the United states is not keeping its fiscal house in order,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance in Charlotte.
The pan-European STOXX 600 index earlier closed down 1.03% while MSCI’s gauge of stocks across the globe shed 0.51%. “It’s the feeling that the US economy can stomach higher interest rates for a little bit longer,” said Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto.
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