Once again, the rise in government bond yields is acting as the catalyst for the sell off in stocks.
Volatility was low in stock markets today, as a bit of bargain hunting pushed up equities in Europe and the US.
US recession fears are back in focus as the flash services PMI report dropped to 44.1, the lowest report since May 2020.
Dealers are dumping stocks this afternoon for fear that central banks will stick to their plans to keep hiking interest rates, even though economies are cooling.
Worries about rising interest rates and inflationary pressures are hitting stocks.
Stock markets in Europe bounced back today as last night’s Fed minutes contained some dovish nuggets.
Equity traders are squaring up their positions ahead of the release of the minutes from the latest Federal Reserve meeting.
European stock markets closed higher on the session even though Gazprom cautioned that gas prices could jump an additional 60%.
Fears the US economy might be heading for an actual recession have resurfaced because of the brutal New York Fed manufacturing index report.
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