MSCI's broadest index of Asia-Pacific shares outside Japan slid 1.52 per cent, after a strong run-up in recent weeks. — Reuters pic
US stock futures, the S&P 500 e-minis, rose 1.2 per cent in Asian time today after tumbling overnight, but that did little to help sentiment. The US Treasury yield curve flattened, which suggests that a heightened sense of dread about the economic outlook is returning to financial markets. The three major US stock indexes fell more than 5 per cent yesterday, posting their worst day since mid-March, when markets were sent into freefall by the abrupt economic lockdowns put in place to contain the pandemic.
Cases in New Mexico, Utah and Arizona rose by 40 per cent for the week ended Sunday, a Reuters tally shows. Florida and Arkansas are other hot spots. “For , we need the Fed to move further, especially along on its decision on implementing yield-curve control,” Jean-Louis Nakamura, Asia Pacific chief investment officer at Lombard Odier said in a memo.The spread between two- and 10-year Treasury yields has narrowed to 49 basis points from a three-month high of 72 basis points reached last week as investors scale back their bets that the US economy will improve.
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