Higher yield surge sees stocks plunge and the US Dollar rebound

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Although a relatively quiet week for global financial markets from a macroeconomic and geopolitical perspective, the price action across the major asset classes was extremely volatile.

The primary development was the surge in US and global yields, particularly at the longer ends of yield curves, with bearish steepening’s of global yield curved.

We will look at the financial markets impact below in our section on global financial market developments, with the impact being negative for global stocks indices and positive for the US Dollar.

The market impact from data was negligible, whilst progress of President Biden’s COVID relief bill through the House of Representatives in the US could not lift share averages.

The European vaccination program continues to improve but it is still lagging the solid rollout in the US and the impressive UK vaccination program.

The number of cases, hospitalisations and deaths in Europe, the UK and the US have again seen a positive reaction to lockdowns and vaccinations, although there are still concerns with regional breakouts, notably in France and Germany.

The UK Prime Minister, Boris Johnson, outlined his road map out of the current lockdown, with the possibility of the relaxation of legal restrictions by June.
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