Stocks in Hong Kong fluctuated between gains and losses, with the Hang Seng Index falling by 2.4% to 20,418.61. This decline followed a plunge of over 9% on Tuesday as traders sold off shares after recent rallies.
“Let’s call it what it is — an abject failure — as Chinese shares opened sharply lower, sending a clear signal that the market is no longer buying half-hearted promises,” Stephen Innes of SPI Asset Management said in a commentary. The 10-year Treasury yield edged down to 4.02 from 4.03% late Monday. The two-year yield, which more closely tracks expectations for what the Federal Reserve will do with overnight interest rates, slipped to 3.96% from 3.99%, late Monday, though it’s still near its highest level since August.
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