Australian shares have started the day higher after the US Treasury 10-year yield hit a three-year high.10-year US Treasury yields hit a three-year highThe ASX 200 was up 0.2 per cent to 7,491 by 10:20am AEST.Six of 11 sectors were higher. Materials was the best performing sector, gaining 0.4 per cent and rebounding from its recent decline.
Last week's release of minutes from the Fed's March meeting showed "many" officials were prepared to raise rates in 50-basis-point increments in coming months.In Treasuries, the 10-year yield hit 2.73 per cent, its highest since March 2019, and the yield on 10-year inflation-protected securities went within 15 basis points of turning positive for the first time in over two years.
The Dow Jones Industrial Average rose 137.55 points, or 0.4 per cent, to 34,721.12, the S&P 500 lost 11.93 points, or 0.27 per cent, to 4,488.28 and the Nasdaq Composite dropped 186.30 points, or 1.34 per cent, to 13,711. French presidential election risk was also evident in bond markets as French borrowing costs rose while yields of other core European government bonds fell.
How can USA stocks hit a high when USA is $20T+ in debt Someone is juggling the numbers. At our expense
The market is skewed towards miners. While a small few companies are worth more (mostly because of generous government subsidies) the rest of the economy falters and falls behind.
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