A pedestrian walks past an electronic screen displaying a list of top movers on the Hang Seng Index in Hong Kong, China, on Monday, August 10, 2020. Picture: BLOOMBERG/Roy Liu
“We’d seen value outperforming over the last few days, but that was unwound last night,” said Chris Weston, head of research at Melbourne brokerage Pepperstone, pointing to a drop in US real yields as inflation expectations rose. The bond market was steady after a huge auction and the generally upbeat mood drove selling overnight, with benchmark 10-year US debt yielding 0.6622%.
“Exuberance in US equities begs the question of whether markets have succumbed to inflated optimism rather than reacting to inflation and some optimism,” said Vishnu Varathan of Mizuho in Singapore, warning the inflation bounce seemed fragile.
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