Stocks tumbled on Thursday, under pressure from investor caution over the Middle East conflict and from the largest one-week rise in 10-year Treasury yields in 18 months, ahead of remarks by Federal Reserve Chair Jerome Powell and a heavy earnings day.The prospect of no rate cuts any time soon from the Fed has driven 10-year Treasury yields to almost 5%, the most in 16 years, while undermining stocks.
The MSCI All-World index of global shares was down 0.25% on the day, reflecting a 0.9% drop in Europe’s STOXX 600 and weakness across Asian equity markets. “We’ll see how this geopolitical situation evolves. The risk premium is clearly playing more out in gold, for instance, and in the U.S. dollar, than in bond yields - that is not the main driver of the day. It’s very much supply and demand and ‘higher for longer’,” he said.
The main event for markets the day, however, will be Powell’s speech on the economic outlook before the Economic Club of New York later on. Gold was up 0.24% at $1,952 an ounce, near two-month highs. Nervousness about the situation in the Middle East has pushed gold up by 8% in the two weeks since Palestinian militant group Hamas’ lethal rampage in Israel.
Oil fell on Thursday after the Organization of the Petroleum Exporting Countries showed no signs of supporting the call of fellow member Iran for an oil embargo on Israel, and as the United States plans to ease sanctions on Venezuela to allow more crude to flow globally.
مصر أحدث الأخبار, مصر عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
مصدر: BNNBloomberg - 🏆 83. / 50 اقرأ أكثر »
مصدر: YahooFinanceCA - 🏆 47. / 63 اقرأ أكثر »