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Premarket: Stocks, bonds steady after rate angst selloff

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The latest slowdown in the global risk rally has come on the back of data pointing to lingering inflationary pressures and a flood of bond sales lifting yields

European stocks steadied on Thursday as bonds regained some ground after a selloff the day before on bets that global interest rates would stay higher for longer due to stickier inflation readings.

Data on Wednesday showed German inflation rose slightly more than forecast to 2.8 per cent in May, ahead of the closely watched wider euro zone bloc’s reading on Friday. The main highlight of the week for markets, however, is Friday’s U.S. core personal consumption expenditures price index report - the Fed’s preferred measure of inflation. Expectations are for it to hold steady on a monthly basis.

U.S. Treasury yields dipped on Thursday having risen more than eight bps the day before, in part due to a weak debt auction. The benchmark 10-year yield was last at 4.5898 per cent, while the two-year yield stood at 4.9601 per cent. The dollar index, which measures the currency against six others including the euro and yen, was down 0.1 per cent, after a 0.5 per cent jump the day before.

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