Global stocks fall, dollar and yields up after US services data

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NEW YORK, Sept 7 — World stock indexes fell while the benchmark US Treasury yield rose and the US dollar hit its highest in six months yesterday after stronger-than-expected US...

NEW YORK, Sept 7 — World stock indexes fell while the benchmark US Treasury yield rose and the US dollar hit its highest in six months yesterday after stronger-than-expected US services sector data suggested inflation pressures remain.Wall Street Journal

Some investors said the data may add to signs that interest rates could remain elevated for longer. The US Federal Reserve is still expected to pause in its rate hikes when it meets later this month. The Dow Jones Industrial Average fell 198.78 points, or 0.57 per cent, to 34,443.19, the S&P 500 lost 31.35 points, or 0.70 per cent, to 4,465.48 and the Nasdaq Composite dropped 148.48 points, or 1.06 per cent, to 13,872.47.

In other data, manufacturing activity in Germany, Britain and the euro zone declined, while their service sectors fell into contraction territory.

 

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