The second half of the year started with another first class drubbing for global stock markets
People walk past the entrance of the London Stock Exchange in London, Britain. REUTERS/PETER NICHOLLS
Asia had thudded lower too with the heaviest fall in Taiwan, where the growth-sensitive benchmark index slid more than 3% to its lowest since late 2020. New data on Friday showed manufacturing production in the eurozone fell for the first time last month since the initial wave of the coronavirus pandemic in 2020.
The Fed’s rapid rise in interest rates mean the Treasury market took such a beating that Deutsche Bank estimated the half’s performance was the poorest since 1788. Moves were turning choppy again on Friday. But the two-year US yield is down almost 14 basis points this week to 2.91%. The 10-year yield is down about 15 bps on the week to 2.99% and Bund yields have dropped to 1.39% from a high of 1.56% on Monday.
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