Latest Breaking News On - Bank of england rate decision - Page 5 : comparemela.com
Back and forth
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US ISM Services and ADP Employment data came in slightly softer than expected overnight, taking the froth of equity markets which seem to be struggling for momentum at these lofty heights, especially technology. US yields spiked early on a US Treasury debt ceiling scare before retreating as the session wore on. That also served to take the wind out of the sails of the US dollar.
Oil fell after the official US Crude Inventories data despite a massive drop in the headline number. It may have been a buy the rumour, sell the fact moment after the fall was telegraphed by the API data yesterday. A weaker US dollar and a reversal of the bond yield spike duly saw gold book some modest gains. In the crypto-space, the mania continued, with dip-buying notable on bitcoin. Business as usual then.
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Inflation nerves return
US yields rise, boost dollar
The inflation genie I mentioned on Friday found life rather uncomfortable in its bottle, it appears, as US yields shot higher on Friday. Notably, the long end of the curve steepened markedly, and for all the noise surrounding the rise in 10-year yields, the 30-years was where the real action was.
That was enough to unwind the intra-day rallies on Wall Street, with the rotation into cyclicals at the expense of technology very much in evidence again. That left the Dow Jones higher, the Nasdaq stretchered of injured once again, and the S&P 500 left somewhere in the middle.
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