Stocks, commodities sucked into 'risk-off' vortex on US economy jitters

LONDON, June 4 - Stocks and commodities slid on Tuesday, as investors grew increasingly uneasy about evidence that the U.S. economy's"exceptionalism" may be starting to unwind as manufacturing activity there weakened further.

"Most people would have assumed that where the fed funds rate is right now is in restrictive territory. That is bearing down on underlying inflation and bearing down on some of the dynamism in spending," he said. In India, share markets sold off sharply after early vote counting showed Prime Minister Narendra Modi's Bharatiya Janata Party -led alliance was not headed for a landslide win as predicted.

"We're expecting a slight easing in demand for labour in the U.S. market," said Raisah Rasid, JPMorgan Asset Management's global market strategist. The yield on benchmark 10-year Treasury notes fell 2 basis points to 4.381%, while the two-year yield , which rises with traders' expectations of higher Fed fund rates, fell 1 bps to 4.8058%.

The dollar fell 0.8% against the yen, viewed by many as a safe-haven asset because of the low interest rate it bears, to 154.88 , around its lowest for two weeks and over 3% down from late April's multi-year high at 160.03.

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