Stocks edged higher and bond prices slid on Tuesday as markets continued to retrace last week’s moves to safe-haven assets, focusing on corporate earnings prospects and the resilience of the U.S. economy rather than
In addition, a host of “favourable” signs from the strength of the U.S. consumer, economic growth, and interest rates supporting bank profits, gave reasons for hope, said Kerry Craig, a global market strategist at J.P. Morgan Asset Management. The 10-year Bund yield was last 2.793%, and the 10-year Treasury yield 4.7375%, having fallen 15 basis points last week - the biggest weekly decline since mid-July - and dipped as low as 4.53%, a sharp reversal from early October’s 16-year high of 4.887%.
Israel’s shekel remained on the weak side of the 4 per dollar level it softened to for the first time since 2015 on Monday. In a reminder of problems in China’s property sector, however, Tuesday marks the end of a 30-day grace period on a late payment from developer Country Garden. If investors do not receive the coupon payment, all of Country Garden’s offshore debts will be deemed in default.
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