Once again, the rise in government bond yields is acting as the catalyst for the sell off in stocks.
The fall in US producer price index (PPI) triggered a fresh round of buying on Wall Street and the S&P 500 has set a new three month high.
Equity traders pounced on the weaker-than-expected US CPI data as the Federal Reserve might not be as hawkish as initially feared.
It has been a quiet day in terms of news flows as it seems that traders are looking ahead to tomorrow’s US CPI numbers.
Stock markets in the US are up as the dip in bond yields have paved the way for the bulls to take centre stage.
The strong US jobs report renewed fears about further large interest rate hikes from the Federal Reserve, which is why equity markets are lower.
Sterling took a knock today because of the gloomy update from the Bank of England.
Taiwan has been in the news recently as Nancy Pelosi, the US House Speaker, arrived on the island yesterday, even though the Chinese government warned against the visit.
A mixture of worries about the health of the global economy and rising tensions between the US and China are weighing on stocks.
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