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London, Britishcourse.com – European markets closed lower in trading Thursday (26/2/2021). Market participants are wary of rising US bonds.
The Stoxx600 index is down 0.36%, German DAX is down 0.69%, UK FTSE is down 0.11%, French CAC is down 0.24%, Italy’s FTSE MIB is down 0.15%.
On Wall Street, bond yields continued to rise, weighing on technology stocks. Yields continued to rise even though Federal Reserve Chair Jerome Powell said inflation was still low and it would take three years to reach the inflation target.
Ahead of the London stock market close, the yield on the 10-year US Treasury shot to 1.49%, the highest level in a year.
Rising bond yields to higher than the dividend yield on the S&P 500 stock means making investing in bonds more attractive than investing in riskier stocks. This triggers an outflow of capital from equities to bonds.
Positive US employment data failed to lift the market. The unemployment figure increased by 730,000 last week, better than a Dow Jones survey which put the figure at 845,000.
Standard Chartered is suffering from a 57% drop in 2020 profits due to lower credit However, the company still distributes dividends and does not change its long-term profit target. Standard Chartered shares fell 6%.
Source: CNBC.com
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