World stocks weak on high US treasury yields and firmer dollar
Ten-year US yields hit near a seven-year high, as the dollar hits its 2018 peak; Wall Street indices and global stock gauges drop
New York — The dollar and US treasury yields jumped on Tuesday following US data showing a rise in monthly US retail sales, weighing on stocks that were also undercut by renewed worries over global trade frictions. The yield on the benchmark US 10-year treasury note touched its highest since July 2011, while the dollar hit its highest point of the year against a basket of currencies. Wall Street’s main stock indices slumped, with investors concerned that rising bond yields would hurt stock valuations. US retail sales rose moderately in April as rising petrol prices cut into discretionary spending, but consumer spending appeared on track to accelerate after slowing sharply in the first quarter. The US commerce department said retail sales rose 0.3% last month, while data for March was revised up to show sales surging 0.8% instead of the previously reported 0.6%. The data indicated consumer spending is stronger than expected by the market, said Jon Mackay, investment strategist at Sch...
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