Global stocks set for biggest weekly fall since mid-July as bond yields, oil stay high
US Treasury yields resumed their rise after Wednesday's surprise Treasury intervention briefly eased selling fuelled by inflation and fiscal concerns.
Global stocks are on track for their largest weekly decline since mid-July, as bond yields and oil prices remain elevated. The Nikkei suffered a 0.3% drop, resulting in a week-to-date loss of nearly 4%, marking the biggest weekly fall since mid-July. US Treasury yields climbed after a surprise intervention by Secretary Scott Bessent, which provided little relief to selling pressure driven by inflation concerns and fiscal challenges.
The prospect of fiscal consolidation remains doubtful, given the large budget deficit and mounting interest charges. The US dollar has weakened, hitting three-month lows, while the euro has risen. Brent crude oil prices hit a one-month high near US$95 per barrel, while US crude slipped slightly. The dollar index fell almost 0.9% for the week, and bitcoin surged over 6%, positioning itself for a 20% weekly gain.
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- Global stocks set for biggest weekly fall since mid-July as bond yields, oil stay high freemalaysiatoday.com
