LONDON – World stock markets stumbled on Wednesday as signs that the economic outlook is weakening spurred caution, while a bigger-than-expected interest-rate hike from New Zealand lifted the kiwi dollar.
Interest rate futures have rallied strongly in recent weeks as traders bet that turmoil in the banking sector will tighten up on lending anyway and save the need for the Federal Reserve to do the job. “There is no fixed way of interpreting the data in markets but it does seem that latest data was not seen as positive for equities by raising growth worries.”
While government bond yields edged up on Wednesday, they have been moving lower in recent weeks – reflecting expectations for weaker growth and a pause in monetary tightening. In Europe, government bond yields were broadly steady after being whipped around sharply in recent weeks.
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