Tepid US data hits stocks, lifts Treasury yields to over five-month high

Kuala Kubu Baru by-election: DAP wants Meta to shut down its KKB candidate Pang Sock Tao’s fake Facebook accountNEW YORK, April 26 — Stocks snapped a three-day winning streak yesterday as disappointing forecasts from Facebook and Instagram owner Meta hammered the tech sector, and Japan’s yen sank through 155 per dollar for the first time since 1990.

European shares closed down 0.7 per cent, paring losses after shedding more than 1 per cent intraday, hit by bleak earnings from consumer giant Nestle NESN.S and Dutch digital payments firm Adyen. Hotter-than-expected inflation reports have pushed back and reduced expectations for Federal Reserve interest rate cuts, with markets now pricing in roughly a 70 per cent chance of a first reduction in September. Investors are not even fully convinced there will be another cut this year, having expected around six cuts at the start of the year.

The 2-year note yield, which typically moves in step with interest rate expectations, rose 6.3 basis points to 4.9996 per cent, from 4.937 per cent.

Source: News Formal (newsformal.com)

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