June 27, 2022

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Shares turn mixed, 2-year Treasury yields near 2.5%

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SYDNEY — World share markets were mixed on Monday amid talk of yet more sanctions against Russia over its invasion of Ukraine, while bonds continued to spell the risk of a hard landing for the U.S. economy as short-term yields hit three-year highs.

A holiday on China made for sluggish trading, and MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.3%.

Japan’s Nikkei dipped 0.1%, while S&P 500 stock futures eased 0.1% and Nasdaq futures 0.2%. EUROSTOXX 50 futures were flat and FTSE futures added 0.4%.

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While Russia-Ukraine peace talks dragged on, reports of Russian atrocities led Germany to say the West would agree to impose more sanctions in coming days.

Germany’s defense minister also said the European Union must discuss banning imports of Russian gas, a step that would likely send prices yet higher while forcing some sort of energy rationing in Europe.

Data out last week showed inflation in the EU had already surged to a record high, piling pressure on the European Central Bank to rein in runaway prices even as growth slows sharply.

“It really looks like it is time for the ECB to act,” warned analysts at ANZ in a note. “While the ECB will be cautious about raising rates, it certainly looks like it should act sooner to abolish its QE program.”

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The U.S. Federal Reserve has already hiked and is seen doing a lot more after Friday’s solid March payrolls report. A number of Fed officials are due to speak at public events this week, with the prospect of sending more hawkish signals, and minutes of the last policy meeting are due on Wednesday.

“We now expect the Fed to hike by 50bps in…


2022-04-03 22:41:44

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