U.S. government bond yields remain near recent highs on bets interest rates stay higher for longer
staying elevated for longer, with worries over China’s shadow banking sector also a dampener.
The MSCI All Country stock index was down 0.3%, hitting its lowest since early June after falling 5.85% during August, though it remains 10.2% up for the year. Minutes from the Federal Reserve this week showed most members of the rate-setting committee continued to see significant upside risks to inflation, suggesting more hikes are in the pipeline.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.9% to flirt with nine-month lows, bringing the total loss for the week to over 3% and marked the third straight week of declines for the index. Shares of Chinese property developers listed in Hong Kong fell 2%, after China Evergrande filed for protection from creditors in a U.S. bankruptcy court.
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