Australian stocks are expected to open lower on Tuesday after their US counterparts slipped overnight.
Australian stocks are expected to open lower on Tuesday after their US counterparts slipped overnight following Treasury yields hitting their highest levels since the summer.
US stocks have largely been rallying to records on relief that interest rates are finally heading back down, now that the Federal Reserve has widened its focus to include keeping the economy humming instead of just fighting high inflation. Friday’s blowout report on US jobs growth raised optimism about the economy and hopes that the Fed can pull off a perfect landing for it.
The two-year Treasury yield also briefly climbed back above 4 per cent Monday, up from just 3.50 per cent a couple of weeks ago. That’s a sizeable move for the bond market, and it can drag on prices for stocks and kinds of other investments. Bank stocks were holding relatively steady on Monday, with several adding to gains from Friday when the stronger-than-expected jobs report raised hopes that customers will borrow more money and make good on the loans.
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