Government bonds remained under pressure on Thursday and the dollar held steady near its highest levels in more than a year as global stocks declined.
Concern about rising inflation, reduced chances of a drop in interest rates, uncertainty over how U.S. president-elect Donald Trump will conduct foreign or economic policy, and the prospect of trillions of dollars in extra debt sales have sent bond yields soaring around the world this week. “This rout is not a UK but a global phenomenon. Sovereign debt is the elephant in the room. Will the UK achieve the growth we’d all like to see? The markets are not convinced,” said Russ Mould, investment director of AJ Bell in London.
Selling in Treasuries on Wednesday accelerated after a CNN report that Trump was considering declaring a national economic emergency to provide a legal justification for a series of universal levies on allies and adversaries. Chinese stocks slipped as official data underscored persistent deflationary pressure despite fresh government consumption stimulus, intensifying a scramble for offshore assets, while Hong Kong’s shares closed at a one-month low.Japan’s Nikkei closed down almost 1%, as investors sold stocks to book profits after a recent rally, with chip-related shares dragging on the index the most.
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Bond Sell-Off Hits Stocks, Bolsters Dollar on US Economic Strength and Tariff FearsA global bond sell-off intensified on Wednesday, impacting stock markets and strengthening the US dollar. This surge is attributed to robust US economic data indicating a healthy economy, potentially curbing expectations for further interest rate cuts by the Federal Reserve, and renewed concerns about potential US tariffs.
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Bond Market Selloff and Rising Dollar Fuel Financial Uncertainty Amid Trump PoliciesA sharp selloff in global bond markets and the strengthening US dollar are causing ripples of concern in financial markets. The uncertainty surrounding President-elect Donald Trump's policies is exacerbating this volatility.
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