Key Points
(Reuters) Shares around the world fell and U.S. Treasury yields retreatedon Thursday as investors digested mixed U.S. economic and corporate signals...
Pushing down Treasury yields was the release of weaker-than-expected U.S. inflation and disposable income data supported market sentiment that interest rates are at, or near, their peak..
In Europe, the European Central Bank broke the longest streak of interest rate hikes in its 25-year history on Thursday, leaving its main rate at a record high of 4.0%, and saying the latest data continued to point to inflation slowly coming down to its 2% target...
Kiran Ganesh, global head of investment communications at UBS Wealth Management, said there were three main things pushing stocks lower.. High yields are reflecting concerns that rates will have to stay high for longer, and that wont be good for the economy longer term; high yields are also competing for equity market investment; and the start of the earnings season has been a mixed bag, but generally on the negative side, Ganesh said...
In currency markets, the dollar index hit a two-week high of 106.6, driven by the higher yields, and the yen weakened past 150 per dollar, a level that has put traders on guard for intervention to support the Japanese currency...
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