World stocks snap seven-day winning streak

A trader works on the trading floor at the New York Stock Exchange in Manhattan, New York City, US, in this December 28 2021 file photo. Picture: REUTERS/ANDREW KELLY

MSCI’s global equity index has managed a 17% gain for the year, led by rises of 28% and 22% in the S&P 500 and Europe’s Stoxx 600 respectively . “Markets are back trading the rebound story, the recovery story for 2022,” Schmieding said, noting higher bond yields reflected expectations of economic recovery and subsequently, a reduced pace of central bank support.

Two-year US Treasury yields have shot up 55 basis points since September to stand at 0.75%, near the highest since March last year. However, reflecting expectations of a relatively short and shallow rate-rise cycle, 10-year yields have reacted far less, rising about 20 bps in this period. They are up 4 bps for the week but eased 1.6 bps on Thursday.

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