Premarket: Stocks struggle on unease about higher bond yields as focus turns to U.S. inflation

World stocks dropped for a second successive day on Wednesday, jolted by another push higher in U.S. Treasury yields ahead of inflation data that could inform the pace of Federal Reserve policy easing.

But, analysts say, there is more to come as the Republicans sit within striking distance of winning a majority in the House of Representatives and with it full control of Congress A hot reading of the U.S. consumer price index due at 1330 GMT could see those odds reduced further, with economists projecting a 0.3% monthly rise in the core gauge.

The euro was last $1.0609, down 0.14% on the day at around its lowest in a year, and the Japanese yen was also weaker, at 155.04 per dollar, a level that could push Japanese authorities to step in to prevent their currency weakening further. The People’s Bank of China pulled the yuan off a three-month low versus the dollar by setting a firmer-than-expected official guidance for the exchange rate, signalling growing discomfort over the currency’s recent rapid decline.

Crude oil rebounded a touch after hitting to its lowest in two weeks on Tuesday after OPEC cut its forecast for global oil demand growth this year and next, highlighting weakness in China and some other regions.

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