Milan — World stocks rose on Tuesday and US 10-year treasury yields held above 3% as investors prepared for the Federal Reserve’s biggest rate hike since 2000.
“These are small flashes of sunshine in the markets. The broader scenario however is not encouraging,” said Enrico Vaccari, head of institutional sales at Consultinvest in Milan. In Asia, equities were mostly steady in holiday-thinned trade, with both China and Japan markets shut, but in Hong Kong, Alibaba shares fell as much as 9% on worries over the status of its billionaire founder Jack Ma.
Investors expect the Fed to raise rates by 50 basis points at the end of a two-day meeting on Wednesday, although there was uncertainty around how hawkish Chair Jerome Powell will sound in comments following the decision. The dollar, which has been supported by safe haven buying on worries over the economic outlook, stayed just below the nearly two-decade high reached in April and the euro steadied above the lowest level in more five than years hit last month.RBA joins the club
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