NEW YORK, April 12 — Global stock markets fell yesterday, pulled lower by technology shares in Europe and on Wall Street, as US Treasury yields jumped ahead of inflation data that could prompt the Federal Reserve to tighten policy enough to slow a rebounding economy.
The yield on benchmark 10-year Treasuries rose more than 7 basis points to 2.793 per cent, the highest level since January 2019. Technology shares, which have been underpinned by record low interest rates, fell 2 per cent in Europe and 2.6 per cent on Wall Street. Volatility gripped French blue chips on the outlook for a tight Macron-Le Pen race in the final round of voting. French assets have underperformed as markets are uneasy about Le Pen’s agenda of protectionism, tax cuts and nationalization.
Overnight in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.6 per cent and the Nikkei 225 in Tokyo slid 0.61 per cent.
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