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Equities and Bonds Sell-Off
Surging yields and plummeting equities are the main developments today. The US 10-year yield is pushed above 1.80% and the two-year yield is above 1% for the first time since February 2020. European yields are pulling back after jumping 2-5 bp. The MSCI Asia Pacific Index is off for the fourth consecutive session. Only Shanghai among the large bourses escaped the carnage. Europe's Stoxx 600 is off around 1.1% to test last week's lows after rising 0.7% yesterday. US futures are 1.0%-1.5% lower. The dollar is firmer against most currencies today. Among the majors, the Canadian dollar, yen, Swiss franc is proving the ... (full story)