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Treasury yields dampen stock appeal
American, European, and Gulf stock markets declined after bond yields rose and interest rate hike expectations increased. This came amid ongoing concerns that rising inflation and energy prices could impact the economy. Major stock indices such as the S&P 500, Nasdaq, and Dow Jones fell between 0.7% and 0.65%, while rising bond yields and market tensions led to declines in major chip companies like Nvidia and Micron Technology. In Europe, markets faced their lowest levels in two months after the European Central Bank raised interest rates to 2.5%, with another hike expected in the future. Oil prices surged by 5%, surpassing $100 a barrel, amidst growing risks of energy supply disruptions due to escalating attacks on shipping. Gulf stock markets also declined, while Japanese shares partially recovered their losses despite cautiousness ahead of upcoming consumer price data and interest rate decisions.
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