LONDON/SYDNEY: Global shares struggled to avoid a fourth straight day of losses on Friday as data showed euro zone business activity slowing in February, while German and British 10-year bond yields touched multi-month highs, driven up by bets on rising inflation.
The MSCI world equity benchmark was up 0.1per cent. MSCI's broadest index of Asia Pacific shares outside of Japan was last down 0.1per cent at 733.9 from a record high of 745.89 touched on Thursday.Global shares have been fuelled in recent months largely by easy monetary and fiscal policies around the world and initial rollouts of COVID-19 vaccines.
Core bond yields have pushed higher globally, led by the so-called reflation trade, where investors wager on a pick-up in growth and inflation. Growing momentum for coronavirus vaccine programmes and hopes of massive fiscal spending under U.S. President Joe Biden have spurred reflation trades.German benchmark 10-year bond yields were set for their worst week since mid-June. They were up in early trade on Friday. British 10-year yields traded at a 11-month top of 0.66per cent and U.S.
The British pound has been the standout performer in 2021, and on Friday it rose to US$1.40, a near three-year high amid Britain's aggressive vaccination programme.
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