News Formal

Bond market abandons rate bets as global recession fears intensify

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 90%

Australia News News

Australia Australia Latest News,Australia Australia Headlines

Investors dumped oil producers and bank shares and fled to safe haven assets such as gold and bonds as the collapse of Silicon Valley Bank rocked global markets.

That followed a similar pattern in the US, where traders are now expecting around 0.75 percentage points of Federal Reserve rate cuts implied by year-end.

Shares of SVB’s peer Signature Bank, which was also shut down by regulators, were halted from trading.P Banking Index dropping 7 per cent in its largest one-day loss since June 2020. JPMorgan, Citigroup, and Wells Fargo all lost ground. The regional lenders were hit harder; Bank of Queensland fell 2.9 per cent to $6.47, Bendigo and Adelaide Bank 1.6 per cent to $8.90, and Suncorp 3.6 per cent to $11.91.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in AU

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Black Monday in the bond market points to pain aheadOPINION: The biggest fall in short-term bond yields since the 1987 crash is sending investors and central bankers a clear message about what’s to come after the SVB collapse.
Source: FinancialReview - 🏆 2. / 90 Read more »