U.S. shares climb as yields fall to two-week low; copper tumbles – Reuters.com

• Abstract
• Firms

• Wall St ends solidly greater with tech, defensives
• Crude oil futures settle decrease
• U.S. Treasury yields fall to 2-week low

NEW YORK, June 23 (Reuters) – Shares in world markets rose on Thursday as U.S. Treasury yields fell to two-week lows, whereas copper was at 16-month lows as buyers apprehensive a couple of attainable world financial slowdown.

The Nasdaq led the way in which greater on Wall Avenue, rising greater than 1.6%. Know-how shares together with Apple Inc (AAPL.O) and defensive shares gave the S&P 500 its greatest increase as buyers continued to fret a couple of potential recession. read more

Traders have been weighing the danger of hefty rate of interest rises tipping economies into recession.

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Federal Reserve Chairman Jerome Powell testified earlier than Congress for a second day, a day after saying the Fed is dedicated to slicing inflation in any respect prices, and acknowledged a recession was “actually a risk.” read more

“What we’re seeing here’s a (inventory) market making an attempt to soak up the Fed’s tightening and mainly making an attempt to place in a low in a bear market,” stated Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

“We have now yields which can be coming down, and in order that’s serving to shares,” he stated. “For now, the market has most likely discounted considerably of a gentle recession.”

Gauges of manufacturing unit exercise launched on Thursday in Japan, Britain, the euro zone and United States all softened in June, with U.S. producers reporting the primary outright drop in new orders in two years. read more

Manufacturing development is slowing worldwide partly as a result of China’s COVID-19 curbs and Russia’s invasion of Ukraine have disrupted provide chains and added to inflation issues.

The Dow Jones Industrial Common (.DJI) rose 194.23 factors, or 0.64%, to 30,677.36, the S&P 500 (.SPX) gained 35.84 factors, or 0.95%, to three,795.73 and the Nasdaq Composite (.IXIC) added 179.11 factors, or 1.62%, to 11,232.19.

The pan-European STOXX 600 index (.STOXX) misplaced 0.82% and MSCI’s gauge of shares throughout the globe (.MIWD00000PUS) gained 0.43%.

Within the U.S. bond market, yields fell, partly on a rising perception that yields might have topped for the close to time period even when inflation stays excessive.

Yields have dropped from their highest stage in additional than a decade, reached earlier than final week’s Fed assembly, when the U.S. central financial institution hiked charges by 75 foundation factors, the most important improve since 1994.

Benchmark U.S. 10-year yields fell to three.005%, earlier than rebounding to three.070%. They’ve dropped from 3.498% on June 14, the very best since April 2011.

Copper costs slumped as rising rates of interest and weak financial knowledge fed worries about demand.

Copper on the London Metallic Alternate (LME) hit its lowest stage since February 2021.

Within the overseas alternate market, the euro slid throughout the board following the weaker-than-expected German and French PMI knowledge. read more

Towards the greenback, the euro declined 0.5% to $1.0509. It earlier declined under a key $1.05 stage for the third time this week. The euro additionally declined 1.4% versus the Japanese foreign money to 141.85 yen.

Oil costs ended decrease as buyers weighed the danger of a recession. Brent crude futures fell $1.69 to settle at $110.05 a barrel, whereas U.S. West Texas Intermediate (WTI) crude futures dropped $1.92 to settle at $104.27.

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Reporting by Caroline Valetkevitch in New York
Further reporting by Gertrude Chavez-Dreyfuss and Karen Brettell in New York, and Huw Jones in London
Modifying by David Gregorio and Matthew Lewis

Our Requirements: The Thomson Reuters Trust Principles.

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