US equities’ losses deepened as the breakeven rates for US Treasury Inflation-Protected Securities, or TIPS, scaled multi-year highs, underscoring rising inflation expectations. — Reuters picNEW YORK, May 11 — US stocks fell yesterday and the Dow Jones Industrial Average snapped back from a record high, as worries about accelerating inflation dragged on shares and hobbled the dollar, which struggled at a 10-week low.
The stocks pullback was mirrored by a broad retreat in riskier assets such as oil and copper, as some investors grew nervous after recent hefty gains. “We see a high bar for the Fed to change its policy stance,” Jean Boivin, head of BlackRock Investment Institute, said, noting a “disconnect” between the market’s pricing for rates to rise as early as next year, and the Fed’s rate projection.Speculation that growing price pressure would erode the dollar’s value kept the US currency near a 2-1/2-month low. By late Monday, the dollar index, which measures the greenback against six major currencies, had pared losses to stand at 90.302.
Five-year TIPS rose to 2.72 per cent, its highest since April 2011, following Friday’s 2.681 per cent. Brent crude was little changed at US$68.31 per barrel and US crude was also largely flat at US$64.91 a barrel.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dollar hovers near 10-week lows as inflation expectations skyrocket | Malay MailNEW YORK, May 11 — The dollar languished at around 2-1/2 month lows yesterday as investors bet that rising inflation would erode the currency’s value as the US Federal Reserve maintains its loose monetary policy. The five-year breakeven inflation rate — which measures expectations of...
Source: malaymail - 🏆 1. / 86 Read more »
Four of 10 Covid-19 community cases test preliminarily positive with India’s B1617 variant | Malay MailSINGAPORE, May 10 — Singapore on Sunday (May 9) recorded 10 locally transmitted cases of Covid-19, of which four tested preliminarily positive with the B1617 variant that originated in India. They were among 28 new cases of Covid-19 reported on Sunday. The other 18 cases were imported and had...
Source: malaymail - 🏆 1. / 86 Read more »
Ringgit higher against US dollar in early trade | Malay MailKUALA LUMPUR, May 10 — The ringgit has opened the week on a positive note, supported by a broadly weaker US dollar, higher oil prices and an enduring global economic recovery despite the “swing and a miss” on Friday’s US jobs report, said an analyst. At 9.04am, the local currency rose to...
Source: malaymail - 🏆 1. / 86 Read more »
Sterling rises above US$1.40 for first time since February | Malay MailLONDON, May 10 — The pound broke above the key US$1.40 level for the first time in more than two months today, reaching as high as US$1.40725 in early London trading, despite a win for pro-independence parties in Scottish elections. Pro-independence parties won a majority in Scotland’s...
Source: malaymail - 🏆 1. / 86 Read more »
US unions lodge first Mexico labor grievance under new NAFTA | Malay MailMEXICO CITY, May 10 — The AFL-CIO, the biggest U.S. labour federation, today will file the first petition for the US government to bring a labour complaint against Mexico under the trade deal that replaced the North American Free Trade Agreement, the union said. The AFL-CIO’s petition, which it...
Source: malaymail - 🏆 1. / 86 Read more »