Gold traded at its lowest mark in two years as pressure mounted on the yellow metal.
European stock markets closed higher as they built on the rebound that began late last week. The rise in bond yields did not deter equity traders from their bullish move.
The strong US jobs report renewed fears about further large interest rate hikes from the Federal Reserve, which is why equity markets are lower.
The fall in government bond yields has paved the way for a rally in stocks. Lately there has been a strong inverse relationship between yields and equities and that is playing out today.
Yesterday evening, the Federal Reserve released the minutes from last months meeting.
Stock markets are lower due to the ongoing war in Ukraine, and the slightly hawkish tone of last night’s Federal Reserve minutes.
Volatility in the markets picked up today following the release of the US CPI data, as the reading jumped from 7% to 7.5%, a new 40 year high.
The mood in the markets is downbeat following the announcement of the disappointing headline US non-farm payrolls report.
Stocks are mixed today following on from two days of losses. Concerns about the omicron variant of Covid-19 as well as jitters ahead of the Federal Reserve meeting are hanging over the markets.
S stock markets are up following the news the US economy grew by only 2% in the third quarter, while economists were expecting a reading of 2.6%.
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