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Global equities fall on fear of hawkish central bank hikes

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Global shares traded around their lowest levels in more than a month on Wednesday and U.S. Treasury yields stuck to around their highest since November, as fresh fears about inflation and interest rates weighed on market sentiment.

Wall Street posted its worst daily performance of the year on Tuesday, as investors responded to an unexpectedly strong reading from S&P Global's composite PMI with concerns that robust business conditions would continue to fuel inflation.

The yield on the 10-year U.S. Treasury , which moves inversely to its price, fell 2 basis points on Wednesday to 3.953%, after touching its highest since November. Swaps markets now anticipate the Fed, the world's most influential central bank, will raise its funds rate, currently set at 4.5%, to 4.75%.by 50 bps on Wednesday to a more than 14-year high of 4.75%, flagging more monetary tightening to come.

 

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