Global bond yields continued to spiral lower on Thursday as recession fears fed expectations of more policy easing by major central banks, while Turkey’s lira took a 5 per cent beating as pressure ratcheted up on its volatile markets again.
Early European moves saw London’s FTSE climb 0.75 per cent and Frankfurt and Paris both add 0.4, after a 1.6 per cent tumble in Tokyo overnight had been offset by much of the rest of Asia-Pacific nudging higher. . “We think that the ongoing flattening, or outright inversion, of the curve is a bad sign for equities, as it usually has been in the past,” said Oliver Jones, markets economist at Capital Economics.
That shift came hot on the heels of a dovish surprise on Wednesday from the Reserve Bank of New Zealand, which abandoned its neutral bias to say the next rate move would likely be down.Turkey’s lira, one of the currencies at the heart of last year’s emerging market meltdown, plunged as much as 5 per cent against the dollar amid worries that the economic and geopolitical risks are on the rise again there.
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