The recession risks also fuelled concerns about demand for oil, and crude prices failed to bounce after the previous day’s 2% fall.
Australia’s stock benchmark was an outlier, eking out a 0.1% gain, buoyed by big gains for Qantas after the airlineUS emini stock futures also offered some slight hope, rising 0.1% following a 0.33% decline in the S&P 500 from overnight. Markets lay 90% odds for another 75 basis-point rate hike in November, versus 10% probability of a half-point bump.Wednesday’s minutes were “not the dovish pivot some market participants are looking for”, Joseph Capurso, head of international economics at Commonwealth Bank of Australia, wrote in a client note.The dollar index, which gauges the greenback against six major rivals, stuck near the middle of its range this week, trading little changed at 113.27.
Benchmark 10-year gilt yields had swung from a fresh 14-year peak at 4.632% to close at 4.429% on Wednesday, little changed from the previous session.
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