Currency traders work near the screen showing the Korea Composite Stock Price Index , center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Oct. 11, 2023. Shares are higher in Asia, tracking Wall Street gains following an easing of pressure from the bond market. – World shares were mixed on Wednesday after an easing of pressure from the bond market fueled an advance on Wall Street. Oil prices edged lower.
Investors have taken heart from signs that upward pressure on inflation in many economies may be easing. That would enable the Federal Reserve and other central banks to halt or reverse aggressive interest rate hikes meant to curb rising prices. China's lackluster recovery from the blows to its economy during the COVID-19 pandemic has weighed heavily on regional and global growth.
On Tuesday, some of the strongest action was in the bond market, where Treasury yields eased after trading resumed following a holiday on Monday. It was the first opportunity for yields to move since the weekend’sspeeches by Federal Reserve officials Treasury yields had jumped last week to their highest levels in more than a decade, following the lead of the Fed’s main interest rate, which is at heights unseen since 2001. They’ve been the main reason for the stock market’s stumbles since the summer, as worries rise that the Fed will keep its federal funds rate at a high level for longer than Wall Street hopes.
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