NEW YORK (Reuters) - Global equities stalled and safe haven assets such as U.S. Treasuries rallied Monday as investors weighed rising coronavirus cases in Europe against a break in the recent run-up of bond yields sparked by concerns of higher global inflation.
An unsettled day on global markets saw risk assets such as oil and emerging market stocks rally alongside safe havens such as Treasuries, while Turkish assets took a beating after a shock weekend decision to replace the country’s hawkish central bank governor.
A third wave of COVID-19 across Europe due to highly contagious coronavirus variants is increasing concerns of another round of economic restrictions, with Paris going into a four-week lockdown late last week.
“The number of new COVID-19 cases is rising rapidly, and an extension of the lockdown inevitable for many European countries. No one will be surprised by such a decision,” said Milan Cutkovic, market analyst at Axi.
“The question is whether investors will remain calm amid the increasing uncertainty. If the vaccination campaign would be running successfully, it would be much easier for market participants to ignore the sharp uptick in new cases.”
MSCI’s gauge of stocks across the globe shed 0.04%, with slight gains in Europe but a 2.1% decline in Japan’s Nikkei index.
In morning trading on Wall Street, the Dow Jones Industrial Average fell 54.86 points, or 0.17%, to 32,573.11, the S&P 500 gained 5.27 points, or 0.13%, to 3,918.37 and the Nasdaq Composite added 75.90 points, or 0.57%, to 13,291.14.
Heavyweight technology stocks sold off last week as the surge in bond yields in recent weeks sparked a flight from richly valued equities.
A host of Fed officials speak this week, including three appearances by Chair Jerome Powell, providing plenty of opportunity for more volatility in markets.
Benchmark 10-year notes last rose 12/32 in price to yield 1.6893%, from 1.732% late on Friday
In currency markets, Turkey’s lira fell 15% to 8.485 against the dollar, its worst plunge since the last Turkish crisis of 2018, before paring losses on calming words from Finance Minister Lutfi Elvan.
“We don’t see any contagion risk to the rest of emerging markets, it’s been shown time and time again that the lira is its own story,” said John Hardy, head of foreign exchange strategy at Saxo Bank.
Turkish sovereign bond yields soared above 18%, hitting a 22-month high.
Oil prices steadied after a broad sell-off last week as market players remained confident demand would rebound later in the year, despite European coronavirus lockdowns dimming hopes for a quick economic recovery.
U.S. crude rose 0.42% to $61.68 per barrel and Brent was at $64.58, up 0.08% on the day.
Copyright is a type of intellectual property that gives its owner the exclusive right to make copies of a creative work, usually for a limited time. The creative work may be in a literary, artistic, educational, or musical form. Copyright is intended to protect the original expression of an idea in the form of a creative work, but not the idea itself. A copyright is subject to limitations based on public interest considerations, such as the fair use doctrine in the United States. Some jurisdictions require “fixing” copyrighted works in a tangible form. It is often shared among multiple authors, each of whom holds a set of rights to use or license the work, and who are commonly referred to as rights holders. These rights frequently include reproduction, control over derivative works, distribution, public performance, and moral rights such as attribution. Copyrights can be granted by public law and are in that case considered “territorial rights”. This means that copyrights granted by the law of a certain state, do not extend beyond the territory of that specific jurisdiction. Copyrights of this type vary by country; many countries, and sometimes a large group of countries, have made agreements with other countries on procedures applicable when works “cross” national borders or national rights are inconsistent. Typically, the public law duration of a copyright expires 50 to 100 years after the creator dies, depending on the jurisdiction. Some countries require certain copyright formalities to establishing copyright, others recognize copyright in any completed work, without a formal registration. It is widely believed that copyrights are a must to foster cultural diversity and creativity. However, Parc argues that contrary to prevailing beliefs, imitation and copying do not restrict cultural creativity or diversity but in fact support them further. This argument has been supported by many examples such as Millet and Van Gogh, Picasso, Manet, and Monet, etc.
- The great thing about these two questions is that they help you improve your life in a way that doesn’t feel like work. Asking them is a one-minute habit that you can start tonight — and e
- Bjarne Schieldrop, chief commodities analyst at SEB research group, said: "There is within the alliance a major difference of opinion