Key Points
(Reuters) Shares around the world fell on Thursday as U.S. Treasury yields lingered near 5%, U.S. economic growth exceeded expectations, and companies posted mixed results...
The U.S. economy grew at its fastest pace in nearly two years in the third quarter, data showed, as higher wages in a tight labor market helped power consumer spending, again defying dire warnings of a recession that have lingered since 2022...
The unexpected strength of the U.S. economy has been a factor in the selloff in the U.S. Treasury market, and the benchmark 10-year yield last stood at 4.913%, down slightly on the day, having earlier reached 4.989%, just below 5.021%, the highest since 2007 hit earlier in the week..
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 106.7, 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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