Najib signed RM22m cheques using illegal funds including for Umno, publicity and social media, cop tells High Court in 1MDB trialNEW YORK, Oct 13 — US Treasury yields rose and the dollar strengthened while global stock markets fell yesterday after data showed US consumer prices increased more than expected in September.
The Labour Department’s report yesterday showed the annual increase in consumer prices last month, excluding the volatile food and energy components, was the smallest in two years, but the surprise surge in rental costs caught investors’ attention.An auction of US 30-year bonds showing poor demand also sent Treasury yields higher. In afternoon trading, US benchmark 10-year yields were last up 10.2 bps at 4.699 per cent, after hitting two-week lows of 4.53 per cent earlier in the session.
The Dow Jones Industrial Average fell 173.73 points, or 0.51 per cent, to 33,631.14; the S&P 500 lost 27.34 points, or 0.62 per cent, to 4,349.61; and the Nasdaq Composite dropped 85.46 points, or 0.63 per cent, to 13,574.22. Recent gains in stocks have followed comments from Federal Reserve officials suggesting that US interest rates — which tend to drive global borrowing costs — may have finally peaked.