U.S. stocks were lower again Friday, as the rise in bond yields and China’s economic woes left stocks heading for another losing week.
What’s driving markets The big story in markets is the deteriorating value of longer-duration government bonds, with the 10-year yield BX:TMUBMUSD10Y near its highest level since 2008, and the 30-year yield BX:TMUBMUSD30Y at its highest level in more than a decade.
Rising yields have been fueled by surge in new issuance of Treasurys by the U.S.
Market attention also is focused on China, after builder Evergrande filed for bankruptcy protection in U.S. courts, and the People’s Bank of China stepped in to help its beleaguered currency.
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