NEW YORK, Sept 8 — Global stocks rallied yesterday after recent losses as benchmark US Treasury yields eased from three-month highs and oil prices fell below US$90 a barrel.
Quincy Krosby, chief global strategist at LPL Financial in Charlotte, North Carolina, said given the oversold conditions of stocks, it did not take much to create a bounce.Benchmark US Treasury yields slipped after earlier hitting three-month highs, with the 10-year note yield ast at 3.28 per cent, ahead of Federal Reserve Chair Jerome Powell’s speech today.
The European Central Bank is widely expected to raise interest rates sharply when it meets this week, while the US central bank is expected to raise rates by another 75 basis points at its September 20 to 21 meeting. The pan-European STOXX 600 index lost 0.57 per cent and MSCI’s gauge of stocks across the globe gained 1.06 per cent.
The US currency soared as high as ¥144.99, hitting the level for the first time since August 1998. It is now within a large leap of its 1998 high of 147.43. The dollar was last up 0.9 per cent at ¥144.09. The euro fell below 99 cents after dipping as low as US$0.9864 on Tuesday, its lowest since October 2002.
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