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Stocks Hit as Central Banks Brandish Anti-Inflation Efforts
Central banks are committed to combatting inflation even as the economies weaken. This is taking a toll on investor sentiment and is dragging down equities. Outside of China, where the PMI confirms a recovery, and India, most large bourses in the region were off 1-2%. Europe’s Stoxx 600 snapped a three-day rally yesterday with a 0.65% decline. Near midday, its loss today is approaching 2%. US futures are 1.5%-2.0% lower. Bond yields are falling. The US 10-year is around 3.05%, off 20 bp between yesterday and today. European bond benchmark yields are 4-9 bp lower. The US dollar is mixed, with the yen, Antipodeans, ... (full story)