Global Stocks Flirt With Longest Losing Run in 2 Years

There was brief respite from the dollar's strength in currency markets, but it was Wednesday's big drop in U.S. crude stocks that heightened nerves about another supply-side shock just when the global economy needs it least.

Ten-year U.S. Treasury yields, which are the benchmark of global borrowing costs, were above 4.6% for the first time since 2007 having started September at 4%. "The repricing is applying some stress to credit spreads as well as other things," Chatwell said. "If the higher rate environment persists it is potentially much more difficult to keep debt levels stable."Traders were also watching U.S. lawmakers' efforts to avoid a government shutdown in Washington.

The strong dollar has the Japanese yen within a whisker of 150-per-dollar, seen as a level likely to provoke an official response or intervention. Focus in the U.S. session will be on the final reading of second-quarter GDP and weekly jobless claims data to gauge the strength of the U.S. labor market. A number of central bankers are also putting in an appearance, most notably Federal Reserve Chair Jerome Powell at 2000 GMT.Chinese markets had limped toward a long holiday that begins on Friday. The break may be a welcome one for traders after weeks of bad news in the country's struggling property sector.

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