Global stocks backpedal from record highs on US payrolls, yields dip

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NEW YORK, March 9 — Investors stretched record-breaking stock rallies yesterday, before Wall Street took profits, while US Treasury yields dipped after not-too-hot, not-too-cold...

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“I don’t think this is anything other than taking a little money off the table. I don’t think it does anything for the momentum,” said Scott Wren, Senior Global Market strategist, Wells Fargo Investment Institute in St. Louis. “Now, do I think there’s a probability we see a decent pull back, five or 10 per cent, over the course of next month or two? I do.

“More unemployment rate implies that the economy is slowing, which would, in the markets’ view hopefully, necessitate a rate cut sooner rather than later.” MSCI’s broadest index of Asia-Pacific shares outside Japan went up 1.01 per cent, while Japan’s Nikkei rose 90.23 points, or 0.23 per cent.

 

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