Stocks fall, yields rise as investors weigh rate hike expectations - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 07/09/2022 05:34:00
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Global stock markets were mostly lower on Tuesday while benchmark US Treasury yields jumped to their highest levels since June as a US services industry report underscored expectations the Federal Reserve will need to keep hiking interest rates.

Wall Street’s three major indexes ended lower, led by losses in the Nasdaq, in the market’s first session after the US Labour Day holiday.

The ISM non-manufacturing PMI edged up to a reading of 56.9 last month, beating economists’ expectations.The next US Fed rate decision comes on September 21. “You have all this fear that more rate increases are going to happen at the central bank level, inflation is not going to dissipate and then you’ve got the quantitative tightening that’s coming pretty rapidly,” said Tom di Galoma, managing director at Seaport Global Holdings in New York.

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