"Financial markets are caught between the two narratives of a softer landing, helped by China's reopening, and sticky inflation keeping policy rates higher for longer," said Chris Turner, global head of markets at ING.Overnight, both bonds and shares took a battering, as inflation indicators from Germany and the United States reinforced expectations that interest rates would go higher and stay there for longer.
"The PMI manufacturing data provides a mixed message for global risk appetite, with improving growth trends positive, but lower output prices stalling out," said Alan Ruskin, macro strategist at Deutsche Bank. On Thursday, the benchmark 10-year Treasury yields hit a fresh four-month high of 4.0160%, after hitting 4% overnight. The two-year yields also advanced to 4.9080%, a fresh 15-year high.
In the currency markets, the U.S. dollar index, measuring the greenback's value against a basket of major peers, gained 0.2% to 104.6.
Hard landing. 100%!
This is a weird headline 😂😂😂
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