Stocks dip, bonds drop as German surprise renews inflation fears

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SINGAPORE : Stocks wobbled and bonds fell in Asia, while the dollar rose on Tuesday after a hot inflation reading in Germany heightened nerves about the pace and scale of looming interest rate hikes.Rising energy prices added to worry about the persistence of consumer pain. Brent crude futures touched a t

SINGAPORE : Stocks wobbled and bonds fell in Asia, while the dollar rose on Tuesday after a hot inflation reading in Germany heightened nerves about the pace and scale of looming interest rate hikes.

German bund yields rose 8.1 bps overnight after German consumer prices increased at their fastest pace in half a century, strengthening the case for an outsized European Central Bank interest rate hike in July.Chinese Purchasing Managers' Index figures showed another month of contraction in services and manufacturing activity, though at a reduced pace of decline.

"The two largest economies in the world are slowing, for different reasons, and it's not great for the global growth trajectory." Growth concerns have put the brakes on a two-week rally for exporters' currencies globally and have steadied the U.S. dollar as investors have again leaned towards safety. Fed Funds futures fell sharply, especially contracts for the early months of next year, as investors braced for relentless interest rate rises that would push the benchmark rate towards 3 per cent by mid 2023.

 

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