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Buoyant oil prices boost bonds but stymie shares

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Tech stocks hit hardest as investors increasingly price in as many as four US Fed hikes this year and even one from the European Central Bank

An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange. File photo: BLOOMBERG via GETTY IMAGES/LUKE MACGREGOR

Tech stocks, which have become highly sensitive to rising borrowing costs, were down 1.5% as investors increasingly price in as many as four US Fed hikes this year and even one from the European Central Bank. Oil stocks were the only ones in positive territory, jumping 0.4% as Brent crude prices topped $88 a barrel — the highest in more than seven years — after Yemen’s Houthi group attacked the United Arab Emirates.

Overnight, MSCI’s broadest index of Asia-Pacific shares outside Japan had edged higher early in the session, before turning and closing 0.5% lower. “We should hurry up, make our operations forward-looking, move ahead of the market curve,” he told a news conference on Tuesday.In currency markets, the dollar index, which tracks the greenback against a basket of currencies of major trading partners, was up at 95.33, while China’s yuan hit a 3½-year high.

 

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