Bond Market Turmoil Sends Wall Street Lower as Oil Surges Past 100 Dollars
· Business · ABC News (AU), LiveMint, New York Times
Global financial markets faced a sharp downturn following a severe sell-off in bond markets that pulled major Wall Street indices lower. The S&P 500 fell 0.8 percent, the Dow Jones Industrial Average dropped 0.7 percent, and the Nasdaq declined 0.9 percent during the session. Australian share market futures fell 1.2 percent in morning trading following the US losses. Meanwhile, Brent crude oil climbed 4.2 percent to trade above 103 dollars a barrel as the US threatened a ban on its diesel exports. Ten-year government bond yields rose to 5.11 percent in the United States and 5.35 percent in Australia.
Why it matters
Spiking oil prices and rising bond yields threaten to increase borrowing costs globally and reignite inflationary pressures across major economies.
Read the original report — ABC News (AU)
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