WASHINGTON, Feb 2 ― Global equity markets wavered yesterday as a new month saw investors weigh strong earnings from big-name US companies against mixed economic data and inflation worries.
But US indexes wavered before ending the session higher, with the Dow Jones Industrial Average rising 0.78 per cent, the S&P 500 gaining 0.69 per cent, and the tech-heavy Nasdaq Composite adding 0.75 per cent. World markets earlier had wobbled and drifted lower as growing investor anxiety over potential US central bank swifter rate-hikes seem imminent. Global equities in January had their worst month since March 2020, at the height of the initial wave of the pandemic, Deutsche Bank research showed.
“Now that they've acknowledged that inflation is a problem, they are moving more quickly to address it.” Treasury yields, which move inversely to prices, rose by some measures at their fastest pace since 2009 in January as investors began pricing in the possibility that the Fed could raise interest rates as many as five times this year.
In currency markets, the Australian dollar rebounded after an initial hit from the Reserve Bank of Australia's dovish message.
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