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☆ Bond yields ease, stocks near flat ahead of Fed minutes
▼ + stars: | 2023-10-11 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. The Fed minutes are due later Wednesday, and investors will assess them for further hints about the economic outlook and where U.S. rates are heading. The pan-European STOXX 600 index (.STOXX) rose 0.15% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 0.19%. Global stocks have edged higher in recent sessions with U.S. bond yields - which underpin borrowing costs around the world - easing as Fed officials have suggested interest rate hikes may be over for now. U.S. crude fell 2.68% to $83.67 per barrel and Brent was at $85.73, down 2.19% on the day.

Persons: Brendan McDermid, Edward Moya, Brent, Herbert Lash, Harry Robertson, Tom Westbrook, Sam Holmes, Alex Richardson, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Companies, Treasury, Reserve, Palestinian, Dow Jones, Nasdaq, Thomson Locations: New York City, U.S, Israel, Gaza, New York, London, Singapore

REUTERS/Staff/File Photo Acquire Licensing RightsSummaryCompanies Global stocks tick up; U.S. futures riseBond yields tumble again but remain highOil prices steady after rising on Israel-Hamas warLONDON/SINGAPORE, Oct 11 (Reuters) - Global stocks edged higher on Wednesday while bond yields dropped again as investors waited for minutes from the latest Federal Reserve meeting and U.S. inflation figures. Meanwhile, oil prices were little changed as traders kept an eye on the conflict between Palestinian militants and Israel. The MSCI All World stock index (.MIWD00000PUS) was last up 0.21% on Wednesday, after rising 1% in the previous session. Futures for the S&P 500 were up 0.26% after the stock index (.SPX) climbed 0.52% on Tuesday. Global stocks, which had been on the slide since early August, have rallied for the last few sessions.

Persons: Dow Jones, I'm, Florian Ielpo, Arthur van Slooten, Raphael Bostic, Harry Robertson, Tom Westbrook, Sam Holmes, Alex Richardson Organizations: REUTERS, Staff, LONDON, Reserve, Nasdaq, Dow, Lombard, Global, Investors, Treasury, Societe Generale, Atlanta Fed, Bloomberg, Thomson Locations: Frankfurt, Germany, Israel, SINGAPORE, Palestinian, Nashville, Gaza, Brent, China, London, Singapore

☆ Yields fall, stocks jump after Fed official comments; oil eases
▼ + stars: | 2023-10-10 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 10, 2022. Atlanta Fed Bank President Raphael Bostic on Tuesday said the U.S. central bank does not need to raise rates any further, and sees no recession ahead. Late on Monday, top-ranking Fed officials indicated that rising yields on long-term U.S. Treasury bonds, which directly influence financing costs for households and businesses, could keep the Fed from further increases in its short-term policy rate. U.S. Treasury yields fell on the comments but also partly in reaction to continuing violence in the Middle East. In late morning trading, U.S. 10-year yields were last down 10.6 basis points (bps) at 4.676%.

Persons: Brendan McDermid, Raphael Bostic, Israel, Stan Shipley, Brent, shekel, Amanda Cooper, Kane Wu, Stella Qiu, Christina Fincher, Chizu Nomiyama, Jonathan Oatis Organizations: New York Stock Exchange, REUTERS, Companies, Treasury, Federal, Nasdaq, Atlanta Fed Bank, Cash Treasury, Columbus Day U.S, Fed, ISI, Dow Jones, U.S, Garden Holdings, HK, Thomson Locations: New York City, U.S, East, Israel, Gaza, New York, London, Hong Kong, Sydney

☆ Stocks ride wave of risk appetite; Israel conflict rages on
▼ + stars: | 2023-10-10 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, October 9, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsLONDON, Oct 10 (Reuters) - Global stocks rose on Tuesday, as a wave of risk appetite swept through markets after Federal Reserve officials signaled the recent yield surge could justify caution on interest rates, while oil eased, but violence in Israel made for nervy trading. "Based on Monday's comments from the Fed, the market is starting to think that the central bank does take greater notice of bond yields after all," ING strategist Chris Turner said. "However, we suspect that this may not be a defining story for the bond market in that no central bank likes being backed into a corner over what bond yields mean for monetary policy." Oil prices eased after climbing more than 4% on Monday.

Persons: Treasuries, Kallum Pickering, Chris Turner, Brent, Kane Wu, Stella Qiu, Kim Coghill, Christina Fincher, Chizu Organizations: REUTERS, Staff, Federal, Hamas, Fed, ING, Garden Holdings, HK, Thomson Locations: Frankfurt, Germany, Israel, Europe's, U.S, Palestinian, Gaza, Hong Kong, Sydney

☆ China funds look to Mideast cash as US investments wane
▼ + stars: | 2023-10-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Seven China equity funds, including hedge funds and mutual funds, running more than $500 billion in combined assets, told Reuters they visited the Middle East this year to raise money, three of them for the first time. The search for new capital could affect Asia's hedge fund scene, where China firms account for more than half the market. "In the past perhaps the holy grail of capital raising was the U.S.," said Effie Vasilopoulos, co-Leader of law firm Sidley Austin's Asia-Pacific investment funds group. So that dynamic is leading many of our clients to the Middle East." However, sovereign funds in the Middle East have been large buyers.

Persons: Aly, Effie Vasilopoulos, Sidley, Steven Luk, Erin Wu, Wong Kok Hoi, Wong, Summer Zhen, Tom Westbrook, Jacqueline Wong Organizations: REUTERS, Seven, Reuters, FountainCap Research & Investment, OP Investment Management, POLITICO, Big U.S, ' Pension, California State Teachers, APS, Thomson Locations: Shanghai, Shenzhen, China, HONG KONG, Seven China, U.S, Asia, Pacific, Europe, Australia, Hong Kong, Texas, Singapore, Middle Eastern

☆ Investors hope U.S. job numbers give Fed less reason to hike
▼ + stars: | 2023-10-06 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Although the MSCI All-Country stock index (.MIWD00000PUS) was 0.2% higher, it has lost about 8% since its July peak, leaving it about 7% ahead for the year. We are talking about the duration, rather than higher rates," Spencer said. The dollar index is up 12 weeks in a row, equalling a streak that ran from July to October 2014. The dollar index was steady on Friday at 106.38. Gold was also steady at $1,821 an ounce after nine days of losses driven by rising global bond yields.

Persons: Brendan McDermid, Nonfarm, Patrick Spencer, RW Baird, Spencer, YEN, Kyle Rodda, Huw Jones, Tom Westbrook, Shri Navaratnam, Clarence Fernandez, Chizu Organizations: New York Stock Exchange, REUTERS, Federal, Treasury, Global, Analysts, Tokyo's Nikkei, London, Thomson Locations: New York City, U.S, Europe, Asia, Pacific, Japan

"It's pretty evident that the jobs market and the consumer are doing OK. Claims are still very, very low," he said. If claims are up to mid-250,000 by year's end, "that's a fairly obvious sign that there's a loosening of the labor market." "The question everyone's asking is: can yields continue to rise further and at what point are yields going to cause some serious damage on the economy?" The dollar index fell 0.234%, with the euro up 0.25% at $1.0529. All 11 sectors of the S&P index were in the red, with the big megacap growth stocks leading the decline.

Persons: Brendan McDermid, Wall, Mike Sanders, Baylee Wakefield, Brent, Dennis Kissler, Elizabeth Howcroft, Elaine Hardcastle, Sharon Singleton, Richard Chang Organizations: New York Stock Exchange, REUTERS, Madison Investments, Labor Department, Reuters, Aviva Investors, Treasury, Bank of Japan, Analysts, Bank of, Dow Jones, Nasdaq, BOK, Thomson Locations: New York City, U.S, Madison , Wisconsin, Bank of Japan

REUTERS/Staff/File Photo Acquire Licensing RightsLONDON, Oct 5 (Reuters) - European stocks rose on Thursday, after a plunge in oil prices and softer U.S. labour data late on Wednesday helped bring U.S. Treasury yields back down from 16-year highs. European government bond yields were mixed, with the benchmark 10-year German yield up 2 basis points at 2.921% . "The question everyone’s asking is: can yields continue to rise further and at what point are yields going to cause some serious damage on the economy?” said Baylee Wakefield, a portfolio manager at Aviva Investors. ING FX analysts cautioned in a client note that markets may be putting too much weight on Wednesday's private payrolls data. In currencies, the U.S. dollar index was down 0.1% at 106.530 , off a peak earlier in the week of 107.34.

Persons: ”, Baylee Wakefield, Elizabeth Howcroft, Elaine Hardcastle, Sharon Singleton Organizations: REUTERS, Staff, Wednesday, Treasury, U.S . Federal Reserve, Nasdaq, Aviva Investors, Analysts, ING, U.S, Bank of, U.S ., Thomson Locations: Frankfurt, Germany, U.S, Bank of Japan, Japan

Treasury yields later receded on a cooler-than-expected U.S. private payrolls report that helped stocks on Wall Street rebound from Tuesday's sharp sell-off. "The market was so over-sold that it was looking for a catalyst to rally on and found it in ADP." The yield on 10-year Treasury notes touched 4.884%, a fresh 16-year high, while 30-year Treasury yields rose above 5% for the first time since August 2007. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAustralian, Canadian and British government bond yields have also surged this week. Gold prices crept lower for the eighth consecutive session as elevated Treasury yields amid expectations that the Fed will keep rates higher for longer weighed on investor sentiment.

Persons: Kim Rupert, Rupert, Rhys Williams, Brendan McDermid, Kit Juckes, Brent, Herbert Lash, Tom Wilson, Tom Westbrook, Simon Cameron, Moore, Will Dunham, Mark Potter Organizations: Treasury, ADP, Management, Institute for Supply Management, Federal Reserve, Dow Jones, Nasdaq, Bank of Japan, New York Stock Exchange, REUTERS, Rights Australian, U.S ., Thomson Locations: San Francisco, Bryn Mawr , Pennsylvania, U.S, New York City, Asia, Pacific, Japan, Tokyo, Russia, London, Sydney

A calmer tone set in later on Wednesday, with bond yields retreating. In the U.S. Treasury market -- considered the bedrock of the global financial system -- 10-year yields have jumped as much as 20 basis points (bps) to 4.8% this week alone. Bond yields move inversely to prices, and many asset managers who had held bonds expecting prices to rally are now throwing in the towel. Australian and Canadian 10-year bond yields have surged over 20 bps each this week , , and British 30-year government bond yields hit a fresh 25-year high above 5% on Wednesday . , ,World stocks (.MIWD00000PUS) hit their lowest since April on Wednesday, and the cost of insuring exposure to a basket of European corporate junk bonds hit a five-month high, according to data from S&P Global Market Intelligence.

Persons: Bond, Juan Valenzuela, Artemis, Kevin McCarthy, Jason Lee, Michael Metcalfe, Vikram Aggarwal, that's, Everybody's, you've, Richard McGuire, McGuire, Dhara Ranasinghe, Naomi Rovnick, Alun John, Yoruk Bahceli, Chiara Elisei, Marc Jones, Andy Bruce, Kim Coghill, Toby Chopra Organizations: bund, U.S . Treasury, Federal Reserve, Reuters, ADP, U.S . House, Congress, Hong, REUTERS, Street Global Markets, P Global Market Intelligence, Jupiter, New York Fed, Rabobank, Thomson Locations: Treasuries, British, U.S, Hong Kong, London

In the U.S. Treasury market -- considered the bedrock of the global financial system -- 10-year yields have jumped 20 basis points (bps) to 4.8% this week alone. Bond yields move inversely to prices, and asset managers who had held bonds expecting prices to rally are now throwing in the towel. Australian and Canadian 10-year bond yields have surged over 20 bps each this week , , and British 30-year government bond yields hit a fresh 25-year high above 5% on Wednesday . In a further sign of investor nervousness, the closely-watched MOVE bond volatility index is at a four-month high. (.MOVE)Rise in global yields beyond 10yr average levels Rise in global yields beyond 10yr average levelsRIPPLESGovernment borrowing costs influence everything from mortgage rates for homeowners to loan rates for companies.

Persons: Jason Lee, Bond, Juan Valenzuela, Artemis, Vikram Aggarwal, that's, Everybody's, you've, Richard McGuire, Dhara Ranasinghe, Naomi Rovnick, Alun John, Yoruk Bahceli Chiara Elisei, Andy Bruce, Kim Coghill, Toby Chopra Organizations: Hong, REUTERS, U.S . Treasury, Federal Reserve, Reuters, P Global Market Intelligence, Jupiter, New York Fed, Rabobank, Thomson Locations: Hong Kong, Treasuries, British

European stocks (.STOXX) tumbled as much as 0.6% before clawing back some ground, with indexes in France (.FCHI) and Germany (.GDAXI) both posting losses. Thirty-year Treasury yields also rose above 5% for the first time since August 2007. Earlier, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) had fallen 1.3%, its second straight daily drop of over 1%. In commodity markets, the stronger dollar has helped put the brakes on oil prices and higher yields have weighed on gold. Reporting by Tom Wilson and Tom Westbrook; Editing by Simon Cameron-Moore and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Issei Kato, Sandrine Perret, it's, Mel Siew, Kit Juckes, Tom Wilson, Tom Westbrook, Simon Cameron, Moore, Mark Potter Organizations: U.S ., Nikkei, REUTERS, LONDON, Bank of Japan, Muzinich, Co, THE, Federal, Treasury, Brent, . West Texas, Thomson Locations: Tokyo, Japan, SINGAPORE, France, Germany, Unigestion, Asia, Pacific, Singapore

☆ Morning Bid: Bond steamroller flattens all
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +5 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. That's all on top of the ongoing rethink of the Fed's long-term rate horizon and increasingly high-pressure economy. Hit from all sides, the Treasury market is simply in ructions - catalysed perhaps by technical, speculative and positioning factors too. Ten-year yields hit a whopping 4.88% early on Wednesday - an increase of 80 basis points in little over a month. And implied volatility in the bond market (.MOVE) hit its highest since May.

Persons: Florence Lo, Mike Dolan, Kevin McCarthy, Michelle Bowman, Austan Goolsbee, Jeffrey Schmid, St, Louis Fed, Kathleen O'Neill Paese, Mehmet Simsek, Bernadette Baum Organizations: U.S, REUTERS, Congress, riven, Federal Reserve, Bank of, Treasury, Nasdaq, Reserve Bank of New, P Global, U.S . Federal Reserve, Chicago Fed, Kansas City Fed, Turkish, Thomson, Reuters Locations: U.S, Washington, Asia, Europe, Reserve Bank of New Zealand, Kansas, London

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. "It has all the hallmarks of intervention in all honesty," said Michael Brown, market analyst at Trader X in London. The dollar fell 0.71% to 149.165 yen hovered near break-even against the euro . The yen is a particular casualty of the dollar's march to 10-month highs and the rise in Treasury yields, given a yawning gap between U.S. and Japanese interest rates. Gold prices languished near a seven-month low, weighed down by a robust dollar and elevated bond yields as the likelihood of U.S. rates staying higher for longer dominated sentiment.

Persons: Brendan McDermid, Michael Brown, Ronald Temple, Raphael Bostic, Bostic, Shunichi Suzuki, Suzuki, Brent, Ankur Banerjee, Jamie Freed, Susan Fenton, Jan Harvey, Deepa Babington, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, Global, Federal Reserve, Trader, Labor, Survey, Lazard, U.S, Dow Jones, Nasdaq, Atlanta Fed, Thomson Locations: New York City, U.S, London, New York, Japan, Singapore

☆ Global stock index dips while bond yields, dollar climb
▼ + stars: | 2023-10-02 | by ( Sinéad Carew | ) www.reuters.com time to read: +3 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. While U.S. indexes were a mixed bag in morning trading, in Europe stocks lost earlier gains after September PMI data, a key indicator of economic health, showed manufacturing activity remains in a broad-based downturn. The pan-European STOXX 600 index (.STOXX) lost 1.21% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.56%. In currencies, the dollar index rose 0.565%, with the euro down 0.69% to $1.0497. Spot gold dropped 1.1% to $1,828.70 an ounce, while U.S. gold futures fell 0.65% to $1,836.00 an ounce.

Persons: Brendan McDermid, Michael Lorizio, Shunichi Suzuki, Brent, Karen Brettell, Marc Jones, Kevin Buckland, Nick Macfie, Mark Potter, Jan Harvey Organizations: New York Stock Exchange, REUTERS, Nasdaq, U.S, Treasury, PMI, Manulife Investment Management, Dow Jones, Finance, Reuters, Thomson Locations: New York City, U.S, Europe, Boston, New York, London, Tokyo

☆ Global stock index gains while Treasury yields, dollar dip after inflation data
▼ + stars: | 2023-09-29 | by ( Sinéad Carew | ) www.reuters.com time to read: +4 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. "The big fear has been that we may not be at peak interest rates and that we may still be grappling with inflation. "The result is that interest rates are down across the U.S. Treasury yield curve. U.S. Treasury yields slid after the inflation reading with benchmark 10-year notes down 7.1 basis points to 4.526%, from 4.597% late on Thursday. Earlier it had ticked higher with help from the retreating dollar and Treasury yields after the inflation data, but bullion was still on track for monthly and quarterly declines on prospects of higher U.S. interest rates.

Persons: Brendan McDermid, Brian Levitt, Sterling, Brent, Sinéad Carew, Naomi Rovnick, Ankur Banerjee, Alexander Smith, Anil D'Silva, Barbara Lewis, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, Treasury, Federal, U.S, Traders, Dow Jones, Nasdaq, Thomson Locations: New York City, U.S, Europe, United, China, New York, London, Singapore

☆ Morning Bid: Spiky quarter ends in uneasy market calm
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. At 4.53% on Friday, the 10-year benchmark was some 15 basis points off Thursday's peak and two-year yields fell back to their lowest since Sept. 18. Some optimism from Beijing about a possible year-end summit between President Xi Jinping and U.S. President Joe Biden helped. Key developments that should provide more direction to U.S. markets later on Friday:* US August PCE inflation gauge, personal income and spending. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Thursday's, Xi Jinping, Joe Biden, Lifeng, Federal Reserve's, Jerome Powell, Thomas Barkin, it's, Kathleen O'Neill Paese, John Williams, Toby Chopra Organizations: New York Stock Exchange, REUTERS, Treasury, Organization of, Petroleum, Wall Street Journal, Federal, Fed, Richmond Fed, Nike, HK, Reuters, Mercedes, Benz, Chicago, University of, Louis Federal Reserve, New York Fed, U.S, Reuters Graphics Reuters, Reuters Graphics, Thomson Locations: New York City, U.S, Beijing, China, Washington, Hong Kong, Nio

☆ Dollar shines as oil surge spooks investors
▼ + stars: | 2023-09-28 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. U.S. crude rose 3.6% overnight and another 1% on Thursday to hit $95 a barrel for the first time since August 2022. "The rise in oil increased the upward pressure on bond yields (and) the combo of higher oil, higher yields, and a higher greenback tends not to augur well for equities." It is down more than 3% in September to eye its largest monthly fall on the dollar since April 2022. Shares in indebted developer China Evergrande (3333.HK) were suspended after a report that its chairman was placed under police surveillance.

Persons: Brendan McDermid, Brent, Kyle Rodda, HSI, Gold, Muralikumar Organizations: New York Stock Exchange, REUTERS, Japan's Nikkei, HK, Thomson Locations: New York City, U.S, Hong Kong SINGAPORE, Cushing , Oklahoma, Asia, Pacific, Japan, China, .

☆ Morning Bid: Oil spike delivers coup de grace to dire Q3
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +5 min

A nighttime view of the Torrance Refinery, an oil refinery operated by PBF Energy, in Torrance, California, U.S., March 10, 2022. The U.S. Treasury completes more than $130 billion of new debt sales this week with another 7-year note auction later on Thursday. But even though the euro bounced back from 2023 lows today, there was better news on the inflation front from Europe. As China's markets headed for the Golden Week holidays next week, stocks there were in the red too - with Hong Kong's Hang Seng (.HSI) hitting its lowest for the year so far. * U.S. Treasury auctions 7-year notes, 4-week bills* U.S. corporate earnings: Nike, Accenture, CarmaxReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsEditing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Mike Dolan, Jerome Powell, it's, Lisa Cook, Austan Goolsbee, Thomas Barkin, Emelia Sithole Organizations: Torrance Refinery, PBF Energy, REUTERS, Federal, U.S, Treasury, U.S . Treasury, Micron Technology, Nvidia, Kansas, Fed, Chicago Fed, Richmond Fed, Nike, Accenture, Carmax Reuters Graphics Reuters, Reuters, Thomson Locations: Torrance, Torrance , California, U.S, Washington, United States, Europe

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 20, 2023. The 30-year bond was last up 11.8 basis points to yield 4.6397%, from 4.522%. The 2-year note was last was down 0.9 basis points to yield 5.1141%, from 5.123%. In currencies, the dollar index rose 0.455%, with the euro down 0.69% to $1.0578.Sterling was last trading at $1.22, down 0.31% on the day. In energy markets, oil prices edged lower in choppy trade on Monday as Russia relaxed its fuel ban, after earlier gains on a tighter supply outlook, while investors eyed elevated interest rates that could curb demand.

Persons: Brendan McDermid, Powell, Austan Goolsbee, Mona Mahajan, Edward Jones, Mahajan, Sterling, Kazuo Ueda, Brent, Sinéad Carew, Amanda Cooper, Stella Qiu, Himani Sarkar, Jacqueline Wong, Miral Fahmy, Mark Heinrich, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, U.S . Federal Reserve, Chicago Fed, Dow Jones, Nasdaq, Bank of Japan, Thomson Locations: New York City, U.S, Russia, New York, London

☆ Shares drop as 'higher-for-longer' rate outlook rattles investors
▼ + stars: | 2023-09-25 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, September 22, 2023. The MSCI All-World index (.MIWD00000PUS), which is heading for its worst monthly performance this year, with a 3.6% drop, was down 0.2% on the day. U.S. 10-year Treasury yields have nudged at 4.5% for the first time since October 2007, and on Monday were up 5 basis points at 4.491%, set for their largest monthly rise in a year, reflecting investor unease over the economic outlook. The dollar index got a boost from the rise in Treasury yields, rising 0.1% on the day. Brent crude futures rose 0.2% to $93.48 a barrel, while West Texas Intermediate rose 0.1% to $90.16.

Persons: Jerome Powell, Frederik Ducrozet, Ducrozet, Powell, Evergrande, Andrew Lilley, Kazuo Ueda, Stella Qiu, Himani Sarkar, Jacqueline Wong, Miral Fahmy, Mark Heinrich Our Organizations: REUTERS, Staff, Global, European Central Bank, Bank of England, Federal Reserve, Treasury, Pictet Wealth Management, Nasdaq, Barrenjoey, Bank of Japan, Brent, West Texas, Thomson Locations: Frankfurt, Germany, U.S, Europe, CHINA

The forecasts seem at odds as higher rates raise the credit costs that can crimp the economy. MSCI's U.S.-centric gauge of global equity performance and stocks on Wall Street bounced back while Treasury yields, which move inversely to price, retreated. Yields on two- and 10-year notes remained inverted at -68.3 basis points as the shorter-dated note yields more than the longer one. MSCI's all-world country index for stocks (.MIWD00000PUS) gained 0.14%, but the pan-European STOXX 600 index (.STOXX) closed down 0.31%. Oil prices rose as renewed global supply concerns from Russia's fuel export ban countered demand fears driven by macroeconomic headwinds and higher interest rates.

Persons: Brendan McDermid, Marvin Loh, Joe LaVorgna, SMBC, Brent, Craig Ebert, Huw Jones, Tom Westbrook, Marguerita Choy, Rashmi Aich, Aurora Ellis Organizations: New York Stock Exchange, REUTERS, Bank, Japan, Treasury, Federal, Fed, U.S, SMBC Nikko Securities America, Dow Jones, Nasdaq, Bank of, Japan's Nikkei, Investors, Bank of England, Swiss, Swiss National Bank, JPMorgan, Thomson Locations: New York City, U.S, Boston, New York, Asia, Japan, China, Sweden, Norway, BNZ, Wellington

Yet higher rates typically crimp bank loans and raise the cost of credit. MSCI's U.S.-centric gauge of global equity performance and stocks on Wall Street bounced back while the dollar and Treasury yields, which move inversely to price, retreated. The initial reassessment of the Fed's higher-for-longer policy drove the rise in Treasury yields and created headwinds for risk assets, including equities, credit and emerging markets, but supported the dollar. MSCI's all-world country index for stocks (.MIWD00000PUS) gained 0.37%, but the pan-European STOXX 600 index (.STOXX) fell 0.39%. In emerging markets, Indian bonds and the rupee rallied after JPMorgan said it would add Indian debt to its widely tracked emerging markets index, setting the stage for billions of dollars in foreign inflows.

Persons: Brendan McDermid, Marvin Loh, Brent, Craig Ebert, Huw Jones, Tom Westbrook, Marguerita Choy, Rashmi Organizations: New York Stock Exchange, REUTERS, Bank, Japan, U.S, Treasury, Dow Jones, Nasdaq, Bank of, Japan's Nikkei, Investors, Bank of England, Swiss, Swiss National Bank, JPMorgan, Thomson Locations: New York City, U.S, U.S . Federal, Boston, Asia, Japan, China, Sweden, Norway, BNZ, Wellington

☆ Stocks stall, yields climb on "higher for longer" rate worries
▼ + stars: | 2023-09-22 | by ( Huw Jones | ) www.reuters.com time to read: +5 min

U.S. stock futures , , were slightly firmer ahead of the opening bell on Wall Street, signalling a pause after sharp losses on Thursday amid uncertainty over interest rates going into 2024. Benchmark 10-year U.S. Treasury yields hit a 16-year high of 4.508%, later trading at 4.48%, while 30-year yields hit their highest in a dozen years. The Fed revised downwards its unemployment rate forecast for next year, and if the U.S. economic data continued to improve, it would put "upside risk" on interest rates, making the need for a soft landing all the greater, Osman added. Ten-year Japanese government bond futures rallied though cash yields were little changed and near decade highs at 0.745%. Gold firmed 0.3% to $1,925 an ounce despite pressure from the stronger dollar and bond yields.

Persons: what's, Eren Osman, Arbuthnot Latham, Osman, Mary Daly, Neel Kashkari, Susan Collins, Lisa Cook, Craig Ebert, Huw Jones, Tom Westbrook, Edmund Klamann, Kim Coghill, Rashmi Organizations: Bank of Japan, Global, Nasdaq, Treasury, ING, Bank of, Japan's Nikkei, Investors, Bank of England, Swiss, Swiss National Bank, JPMorgan, Thomson Locations: Europe, U.S, Asia, Japan, China, Sweden, Norway, BNZ, Wellington

☆ Morning Bid: Bank of Japan also holds policy and stays dovish
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +3 min

Japanese national flag is hoisted atop the headquarters of Bank of Japan in Tokyo, Japan September 20, 2023. The yen fell in response, even as Finance Minister Shunichi Suzuki spoke of the urgency to contain its fall. A majority of economists polled by Reuters expect the central bank will abolish the 10-year yield control scheme by the end of 2024. More than half reckon that the negative interest rate policy will end next year, too. Further complicating the picture for investors, however, were the surprisingly dovish decisions from the Bank of England and the Swiss National Bank.

Persons: Issei Kato, Vidya Ranganathan, Shunichi Suzuki, Kazuo Ueda, Bond, Fumio Kishida, Edmund Klamann Organizations: Bank of Japan, REUTERS, Reuters, MSCI's, Bank of England, Swiss National Bank, JPMorgan, Thomson Locations: Tokyo, Japan, Vidya, MSCI's Asia, India, Australia, Germany, France, Britain

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