Global stock markets were mixed Tuesday after a bond sell-off on Wall Street fueled anxiety about a possible U.S. economic slowdown and Australia raised interest rates.
A currency trader walks near the screens showing the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, June 7, 2022. Global stock markets were mixed Tuesday after a bond sell-off on Wall Street fuelled anxiety about a possible U.S. economic slowdown and Australia raised interest rates.The yen, trading at two-decade lows, fell further to almost 133 to the dollar.
“I don’t think the U.S. is at stagflation yet,” or a period with high inflation and low growth, “but if oil stays above US$120.00 a barrel, it might soon be,” Halley said. On Wall Street, the S&P 500 future was off 0.6% and that for the Dow Jones Industrial Average lost 0.5%.The yield on the 10-year Treasury, or the difference between the market price and the payout if held to maturity, jumped back above 3% to 3.04%, up from 2.95% late Friday.
In Asia, the Shanghai Composite Index lost less than 0.1% to 3,234.77 after Chinese authorities further eased anti-virus restrictions that shut down businesses in Shanghai and other major cities.