Agriculture
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Currencies
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.25 per cent to 90.35. “Combined with further depreciation in the US dollar, we see gold’s fair value at $2,000/oz in the second half of the year. That in turn can weaken emerging markets that are particularly reliant on dollar-denominated debt. A global selloff in sovereign notes is raising borrowing costs for highly indebted euro-area countries.
Metals
US crude futures fell 16 cents to settle at $66.88 a barrel.US gold futures settled down 1.3 per cent to $1,775.40 an ounce. Spot gold touched a one week low of $1,765.06.
Oil
Brent crude futures, the global oil benchmark, fell 0.39 per cent to $66.62 per barrel.
United States
The tech-heavy Nasdaq slumped 3.52 per cent, the biggest single-day fall since October. There is one great prior example of a bond market tantrum, which followed comments by then Fed Chairman Ben Bernanke about tapering bond purchases in May 2013. That is because they matter most to politicians, and the Fed is (in perception at least) ultimately dedicated to making sure they don t suffer a big fall. But futures suggested the stocks selloff might not extend much further in U.S. markets Friday, with those on the S&P 500 adding 0.1% and Nasdaq-100 futures down 0.3%.
Overnight, the US stocks witnessed a sharp slide on rising US yields. On Thursday, the S&P 500 retreated 2.4% and the Nasdaq dropped 3.5%, as the yield on the 10-year Treasury note rose to a one-year high above 1.5%. But Wall Street has already been betting on it.
Overnight, the US stocks witnessed a sharp slide on rising US yields. On Thursday, the S&P 500 retreated 2.4% and the Nasdaq dropped 3.5%, as the yield on the 10-year Treasury note rose to a one-year high above 1.5%. But Wall Street has already been betting on it.
Europe
Before the market opened on Monday, Christine Lagarde of the European Central Bank stated that the bank was monitoring longer bond yields, causing them to fall sharply. Similarly, for the ECB, where we have already seen the three most influential executive board members expressing concern. Here’s our interview with Clement Beaune, France s junior minister for EU affairs. This is what he told EU lawmakers yesterday.
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