U.S. bond yields touch one-year high; stocks mixed
Andreea Papuc, Bloomberg News VIDEO SIGN OUT
U.S. bond yields surged to the highest in a year, while American stocks climbed to records as optimism over the economic recovery continued to ripple through markets.
The yield on the benchmark 10-year Treasury note increased as much as nine basis points to 1.30 per cent, the highest since February 2020. Global bonds extended the worst start to a year since 2013.
The S&P 500, Nasdaq Composite and Dow Jones Industrial Average indexes all set records Tuesday, before easing from the highs. The MSCI benchmark for emerging and developed market stocks snapped an 11 session winning streak.
Stocks looked set to extend gains in Asia Tuesday as investors took comfort in progress on the Covid-19 vaccine rollout. Oil rallied as freezing temperatures in Texas roiled energy markets. Futures pointed higher in Tokyo where the Nikkei 225 Stock Average topped 30,000 yen on Monday for the first time since 1990 after data showed the economy is charging ahead. European stocks climbed led by a surge in the FTSE 100 Index after the U.K. hit a vaccination milestone. U.S. markets were closed for Presidents’ Day on Monday and Chinese markets remain shut for the Lunar New Year holiday. The dollar slipped and Treasury futures retreated. The pound strengthened.
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For first time in six years.
By Yuliya Fedorinova and Ranjeetha Pakiam, Bloomberg
16 Feb 2021 06:15
Image: Andrey Rudakov/Bloomberg
Platinum surged above $1 300 an ounce for the first time in more than six years on bets that a recovery in industrial demand and stricter emissions rules will tighten supply of the metal. Gold edged lower.
Tougher pollution regulations requiring vehicle makers to use more platinum in catalytic converters are supporting prices, said Margaret Yang, a strategist at DailyFX. Platinum has gained 21% this year, narrowing the steep discount with sister-metal palladium, which was the star performer over the two previous years.
Publishing date: Feb 15, 2021 • February 16, 2021 • 2 minute read •
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(Bloomberg) U.S. bond yields surged to the highest in a year, while American stocks climbed to records as optimism over the economic recovery continued to ripple through markets.
The yield on the benchmark 10-year Treasury note increased as much as nine basis points to 1.30%, the highest since February 2020. Global bonds extended the worst start to a year since 2013.
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The S&P 500, Nasdaq Composite and Dow Jones Industrial Average indexes all set records Tuesday, before easing from the highs. The MSCI benchmark for emerging and developed market stocks snapped an 11 session winning streak.
The precious metal has surged about 22% so far this year, outperforming all its peers, aided by tight supply caused by the outage of a key refiner in 2020. Demand for platinum from autocatalysts is expected to rise in 2021, driven by a surge in car sales and higher.