Shares hit two-month low as fading Fed cut hope hammers bonds
© Reuters. FILE PHOTO: A man walks past an electronic board showing stock visualizations outside a brokerage, in Tokyo, Japan, March 17, 2023. REUTERS/Androniki ChristodoulouLONDON - Global shares hit two-month lows on Friday while U.S. government bond yields remained near recent 16-year highs as investors bet on interest rates staying elevated for longer, with worries over China's shadow banking sector also a dampener.
The MSCI All Country stock index was down 0.3%, hitting its lowest since early June after falling 5.85% during August, though it remains 10.2% up for the year. Minutes from the Federal Reserve this week showed most members of the rate-setting committee continued to see significant upside risks to inflation, suggesting more hikes are in the pipeline.
Investors were keeping a close eye on the liquidity crunch that appeared to be spreading to China's vast shadow banking sector, with Zhongzhi, a major Chinese asset manager, telling investors it needs to restructure its debt.
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