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US treasury yields at multiyear highs, stocks muted

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Sverige Nyheter Nyheter

Euro strengthened and the spread between French and German bond yields narrowed after President Macron won a larger than expected vote share in Sunday’s election

Pedestrians and cyclists pass the US treasury building in Washington, DC on April 10 2022. Picture: BLOOMBERG/TOM BRENNER

The first round result saw Macron record a bigger lead than he managed in 2017, leaving the euro 0.4% higher on the day at $1.0915, after it initially rose to $1.0955 overnight then fell to $1.0874. “With Macron’s re-election far from assured, markets will keep a close eye on polls in the coming two weeks.”

“You have to have a bias to the market overall — the bias in our mind is negative because of this combination of slowing growth, higher inflation and higher yields, tighter financial conditions,” said Hani Redha, multi-asset portfolio manager at Pinebridge Investments.

 

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