Treasury yields rose to their highest level in 16 years and global stocks sank on Wednesday as nervous investors weighed up signs of US economic resilience to higher interest rates.
Benchmark 10-year Treasury yields rose 0.07 percentage points to 4.91 per cent, the highest level since 2007, while 30-year Treasury yields rose 0.06 percentage points to 5.01 per cent.
On Wall Street, the benchmark S&P 500 fell 1 per cent, and tech-heavy Nasdaq Composite dipped 1.1 per cent. In Europe, the region-wide Stoxx Europe 600 lost 1 per cent, while the FTSE 100 lost 1.1 per cent and France’s Cac 40 index fell 0.9 per cent.
Global stock markets were also rattled on Wednesday after an explosion at a hospital in Gaza threatened to derail diplomatic efforts to de-escalate the war between Israel and Hamas.
Investors turned to haven assets, such as gold, which rose 1.4 per cent to its highest level since July.
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