LONDON, July 8 — US treasuries led a broad-based bond rally today as concerns over the strength of the economic recovery picked up and inflation fears ebbed, with stocks lower across the globe.
That followed a signal from the US Federal Reserve on Wednesday that it had no immediate plans to tighten monetary policy. Mark Haefele, Chief Investment Officer, UBS Global Wealth Management, said despite the dip in US yields, the Swiss adviser to many of the world’s super-rich expected the benchmark to bounce back.
The MSCI’s leading index of global stocks was down 0.5 per cent, extending early session losses and tracking a 1.6 per cent decline in the equivalent index of Asia shares outside Japan to its lowest level since mid-May. “We believe valuations to be frothy not just in India but in different geographies across the world,” Nikhil Kamath, Co-Founder and CIO at asset manager True Beacon, said. “We are hedged as much as 55 per cent today, our net exposure to the market is only about 45 per cent.
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