LONDON: World stocks began August cautiously as U.S. lawmakers struggled to agree a new stimulus plan following a global surge of COVID-19 cases, though a squeeze on crowded short positions left the dollar clinging to a tentative bounce.
On Friday, Fitch Ratings cut the outlook on the United States' triple-A rating to negative from stable, citing eroding credit strength and a ballooning deficit. In Asia on Monday, China's factory activity data showed the fastest pace of expansion in nearly a decade. "Amid improvements in business sentiment, signals are emerging that the initial boost from pent-up demand is fading and consumer confidence is slipping lower," economists at Barclays wrote in a note.
Benchmark 10-year Treasury yields were higher at 0.54per cent after touching the lowest level since March last week. German government bond yields rose slightly to -0.527per cent.
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