Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

9 Nov 2021

U.S. Treasuries Climb on Speculation as Stocks Remain Mixed

The Index Today

On Tuesday, U.S Treasury yields went down after speculation regarding Federal Reserve leadership grew. On the other hand, global stocks were mixed as well after equity rally slowed down.

After Governor Lael Brainard was interviewed at the U.S central bank, treasuries grew while some speculated that the dovish approach of the Fed would persist under Brainard. The yield on the 30-year treasury went down to a record low as worries of inflation posed risks for the economy.

In other news, S&P 500 gained overnight, making it its longest win since 2017. NASDAQ saw a decline as Tesla shares went down after Elon Musk tweet. The USD performance was lower than usual against the strengthening yen. Cryptocurrencies set a new record as Bitcoin crossed $68,000 whereas the overall market value grew to $3 trillion.

Global stocks managed to keep a high position as coronavirus curbs are withdrawn and the U.S infrastructure bill worth $550 billion is approved. Major Banks are reforming policies to dial back on stimulus plans and hike interest rates. Supply chain bottlenecks around the world have also strained manufacturing and increased energy prices. Lale Akoner from BNY Mellon Investment Management said on Bloomberg Television, “Central banks were less hawkish than the markets were expecting them to be last week so we are seeing real yields going further down into negative territory. The reflation trade is coming back again and the market is pricing in a mid-cycle environment.”

©Photo: Wikimedia Commons

Clay pottery with table linens