HONG KONG, July 27 — Asian stocks hit their lowest this year today on a third straight session of selling in Chinese internet giants, and real bond yields hit record lows ahead of a Federal Reserve policy meeting.
Chinese bluechips dropped 3.53 per cent, also hitting 2021 lows, thanks to regulatory crackdowns in the education and property sectors. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 2.2 per cent to its lowest level since end-December, having slid 2.45 per cent the previous day.Asian weakness weighed on European stocks, which fell 0.92 per cent, moving further away from recent record highs. Britain’s FTSE 100 was down 1.23 per cent. Global stocks fell 0.35 per cent.
In addition, the Fed will begin its two-day meeting today, with investors set to scrutinise a statement and press conference from Chair Jerome Powell due late Wednesday. Real, or inflation-adjusted, bond yields in the United States and Europe have fallen to record lows and today, the yield on 10-year Treasury inflation-protected securities hit -1.147 per cent, down 4 basis points on the day. German inflation-linked bond yields also extended their recent falls, hitting a new low at around -1.747 per cent.
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