Stocks fall from records, US yields continue to climb
Stocks fall from records, US yields continue to climb
Gold, silver prices recover after initial plunge
13 January, 2021, 00:36
The action along the curve meant the spread between the 2-year and 10-year yields steepened to an nearly four-year high of more than 103 basis points.
Worldwide coronavirus cases surpassed 90 million on Monday, according to a Reuters tally.
Asian stocks mostly traded lower as Democrats in the U.S. House of Representatives barrelled towards impeaching U.S. President Donald Trump in the wake of Capitol siege last week.
Futures for the S&P 500 were steady near all-time peaks, after gaining 1.8 per cent last week.
The pan-European STOXX 600 index fell 0.3%.
In Asia, the largest MSCI index of Asia-Pacific stocks excluding Japan fell 0.2%, after jumping 5% last week to record highs.
The U.S. Dollar edged higher across the board on Monday, extending a rebound from the near 3-year low hit last week, taking strength from the recent spike in Treasury yields and the prospect of a growth boost from higher U.S. fiscal stimulus.
Benchmark 10-year notes last fell 11/32 in price to yield 1.1443%, from 1.107% late on Friday.
The spread between the 2-year and 10-year Treasury yield brushed against 100 basis points to hit its steepest since July 2017.
Ravindra Rao, VP, Head Commodity Research at Kotak Securities said: "Gold and silver have fallen amid steady United States dollar index despite disappointing U.S. non-farm payrolls data".
"Although the short-term moves remain choppy due to rising bond yields in the U.S. on back of a smooth transition of power, higher future inflationary concerns might trigger a re-emergence of buying in the precious metal at lower levels", Rao said.
Morgan Stanley said it had moved to neutral from bullish on emerging market currencies as its forecasts had been hit and factors that kept the US dollar on the back foot may not be sustained.
In the worldwide market, Spot Gold was steady at $1,845.19 per ounce as Asian stocks traded lower (ahead of Indian market's opening), dragged by political unrest in Washington and rising global COVID-19 cases, outweighing a firmer dollar and US Treasury yields.
"The renewed concerns about demand due to very high numbers of new (COVID-19) cases and further mobility restrictions, plus the stronger USA dollar, are generating selling pressure", Commerzbank analyst Eugen Weinberg said.
Brent crude futures dipped 11 cents to US$55.88, while U.S. crude futures added 2 cents to US$52.26 a barrel.
South Korea reversed an early jump to fall 0.1%, and Chinese blue chips fell 1%.
Bitcoin last fell 1.78pc to $34,824.44. At its session low, the cryptocurrency fell 21% on Monday.
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