Stocks, yields fall as Fed's Powell quells rate peak bets

NEW YORK/LONDON, Nov 10 - Global equities slid and Treasury yields fell on Friday after Federal Reserve Chair Jerome Powell dashed expectations that U.S. interest rates have peaked, but stocks rose on Wall Street as eyes turned to next week's inflation data.

Many investors embraced the notion that U.S. rates have peaked after the Fed kept its overnight lending rate steady last week, a move that bolstered speculation the tightening cycle was over and spurred a short-lived rally in risky assets. "We could also see some downside surprises in the core components of rents, for example, air fares, new cars, etc."

MSCI's gauge of global equity performance shed 0.02%, on track for a fourth session of losses, and the broad pan-European STOXX 600 index lost 1.04%. Some investors said Powell's hawkish comments on Thursday might have been prompted by a recent softening of financial conditions after yields tumbled in recent weeks.

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