A global bond selloff continued on Wednesday, hurting stocks and boosting the dollar, amid signs that the US economy remains strong, limiting the prospects of further interest rate cuts. The benchmark 10-year U.S. Treasury yield rose to as high as 4.73 per cent, its highest since April 2024, building on Tuesday's 7 basis point rise. It was last up 0.4 basis points to 4.689 per cent.
'Going into this first quarter that we're in right now, aside from earnings, I think a big risk for equities is if bond yields do get to 5 per cent,' said Mark Malek, chief investment officer at SiebertNXT in New York.'Buyers are going to be a little bit more reticent. So the people that were powering the market higher, the bid is going to weaken.' The selloff in bonds on Wednesday accelerated after a CNN report that U.S. President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries. On Wall Street, all three main indexes were trading lower in choppy trading, weighed down by utilities, communication services, technology, and consumer discretionary stocks. Health care equities were the only group of stocks to advance out of the 11 in the benchmark S&P 500. The Dow Jones Industrial Average fell 0.39 per cent to 42,364.56, the S&P 500 fell 0.50 per cent to 5,879.54, and the Nasdaq Composite fell 0.77 per cent to 19,338.71. European shares dipped, with the pan-European STOXX 600 finishing down 0.2 per cent, with most regional bourses also in the red. MSCI's gauge of stocks across the globe fell 0
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