Stocks resume their descent and trade in multi-month lows as US yields rise, says Axel Rudolph, Senior Market Analyst at online trading platform IG.
Another dismal day for stocks
“As the US 10-year Treasury yield hits 4.75% and that of the 30-year bond advances past the 4.80% mark, both at 2007 highs, global stock indices resume their September rout and trade in multi-months lows. Stronger-than-expected US job openings, indicating a robust labour market, reinforce the 'rates higher for longer' fear that market players have and leads to risk-off sentiment with oil, gold and silver also seeing declines."
Bank of Japan currency intervention has little effect
“A widely anticipated currency intervention by the Bank of Japan (BoJ) once USD/JPY rose above the ¥150 mark briefly pushed the cross down by over 200 pips. The intervention has not yet been a success though as buyers have taken USD/JPY straight back above the ¥149 level."
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