London/Singapore — US treasury yields fell to three-week lows while stock markets were mixed on Tuesday as concerns about potential roadblocks to new US President Joe Biden’s planned $1.9-trillion stimulus weighed on investor sentiment.
“The earnings season up to now has been very good, so it comes back to the market being overbought and having a strong rally since January 1, with a lot of positive news priced in,” said François Savary, chief investment officer at Swiss wealth manager Prime Partners, referring to recent losses. “There is room for some consolidation.”
MSCI’s all country world index, which tracks stocks across 49 countries, was flat, while MSCI’s emerging-market stock index was 1.6% lower. They point to rocketing prices of assets, such as bitcoin, or, on Monday, the soaring stock of short-squeezed video game retailer GameStop. “We suspect earnings may not be able to catch up with what people expect this year,” said Jacob Doo, chief investment officer at Envysion Wealth Management, citing the lockdowns in Europe and the slow roll out of vaccines in the US.
Against a basket of its rivals, the dollar rose 0.2% to 90.65, its highest level since January 20, as volatility in stocks dulled appetite for riskier currencies. The euro, which fell on Monday after a survey showed German business morale slumping, slipped 0.2% to $1.2126.
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