The dollar slides, US treasury yields rise and oil prices jump as uncertainty continues to grip global marketsHong Kong — Global stocks and US bond yields rose on Tuesday, as a US regulator-backed deal by First Citizens Bancshares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector.
Top US banking regulators said on Monday that they planned to tell Congress that the overall financial system remains on solid footing after recent bank failures, but will comprehensively review their policies in a bid to prevent future collapses. “On one day, the market expects maybe a 25-basis-points [bps] or maybe a 50bps rate hike. Just in a matter of one or two days, that outlook is changed to 50bps rate cuts in the second half of the year,” he said.
Benchmark 10-year yields rose to 3.5317%, up from its US close of 3.528% on Monday. They are also up from a six-month low of 3.285% reached on Friday, but remain below a 15-year high of 4.338% from October 21.
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