Global shares tumbled while the U.S. dollar hovered recent highs as Treasury yields continued to rise, according to Reuters.
- Europe’s regional STOXX 600 index gained 0.1%, while Britain’s FTSE 100 was down 0.3%.
- MSCI’s All Country World Index traded 0.1% lower; while its index of Asia-Pacific shares outside of Japan dropped 0.4%, its first monthly loss in five months.
- China’s blue-chip index fell 0.9% and Japan’s Nikkei sank 0.9%, as investors liquidated positions amid uncertainty over the Archegos Capital fallout.
- The U.S. dollar hit a one-year high of 110.48 against the yen, on track for a third straight monthly rise. The dollar index also rose as far as 93.439, its highest in nearly five months.
- The U.S. 10-year Treasury yields rose as high as 1.746% on Wednesday versus Tuesday’s 1.708%. They were last at 1.724%.
- U.S. President Joe Biden is expected to speak in Pittsburgh on Wednesday. Investors are awaiting details of the “Build Back Better” plan which could have a price tag of as high as $4 trillion for infrastructure projects.
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