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Wall Street is sinking sharply on Wednesday, back to where it was in May, after rising bond yields tightened their chokehold on the stock market and some of...
"We are seeing a mean reversion phenomenon in the markets where the mid- and small-cap indices both peaked in October and are now experiencing a correction at a rate faster than the Nifty" said Deepak Jasani, head of retail research at HDFC Securities. "Investors display a sentiment of risk aversion and are not willing to wait longer, and hence are pulling out of the market booking profits wherever available or cutting losses."
Transport hardware and software company Eroad led the local share market lower as rising bond yields continue to weigh on the outlook for technology stocks....
US stocks fell for a fourth straight day on Friday as a surge in bond yields and nervousness surrounding the ongoing conflict in the Middle East dampened the mood on Wall Street.
The surge in the 10-year U.S. benchmark yield overnight to 5% has raised borrowing costs around the world. On Friday, the Bank of Japan intervened in the Japanese government bond (JGB) market as the 10-year JGB yield touched a decade high.
For weeks, traders have been watching for a possible intervention by Japanese officials to combat a sustained depreciation in the yen, down 12.5% against the dollar this year.
US stocks dropped into the red on Thursday as 10-year bond yields closed in on the 5% mark on the back of comments from Federal Reserve chair Jerome Powell, who indicated that monetary policy would likely remain restrictive for some time yet.
Appearing to align himself with Fed colleagues who have recently said the bond market is now doing some of the central bank's work for it, Powell in remarks to the Economic Club of New York agreed "in principle" that the rise in yields was helping to further tighten financial conditions and "at the margin" might lessen the need for additional Fed rate increases.
New Zealand stocks buckled under the weight of rising bond yields, taking the market to its lowest point for the year to date. By the close, the S&P/NZX50...