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Global stock markets faced downward pressure on Thursday, as the recent surge in inflation and a widespread bond selloff continued to affect investor sentiment, Reuters reported.
The U.S. dollar remained near its highest levels in over a year, while U.S. Treasury yields saw an uptick following recent signs of resilience in the U.S. economy, which prompted markets to lower expectations for Federal Reserve rate cuts.
According to Reuters, the Federal Reserve’s December policy meeting minutes, released on Wednesday, revealed concerns that the Trump administration’s proposed tariffs and immigration policies could prolong the fight against inflation.
It added that further volatility in the Treasury market was sparked by a CNN report suggesting that Trump was contemplating declaring a national economic emergency, potentially paving the way for new tariffs on both allies and adversaries.
As a result, markets are now pricing in a modest 25-basis-point rate cut in 2025, with roughly a 60 per cent chance of a second cut. This uncertainty has contributed to fragile global stock market sentiment, leading to declines in Asian equities on Thursday.
Additionally, Mainland Chinese stocks dropped by 0.3 per cent, and Hong Kong’s Hang Seng index fell 0.2 per cent, both weighed down by persistent deflationary pressures, despite the Chinese government’s stimulus measures. Japan’s Nikkei also closed lower, down nearly 1 per cent, as investors took profits following a recent rally, particularly in chip-related stocks.
The U.S. stock markets were closed on Thursday in observance of the funeral of former President Jimmy Carter, and U.S. bond markets closed earlier in the day. Investors are now looking ahead to Friday’s U.S. payrolls report, which could offer further insight into the Fed’s policy outlook.
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Meanwhile, China’s yuan steadied near a 16-month low against the dollar as the People’s Bank of China took action with a record amount of offshore yuan bill sales to support the currency.
A strategist at Mizuho Securities, Shoki Omori, suggested that the yuan could firm to 7.22 per dollar by year-end as policymakers continue to prioritise currency stability.
In commodity markets, oil prices experienced slight declines, with Brent crude futures falling 11 cents to $76.05 per barrel and U.S. West Texas Intermediate crude dropping 16 cents to $73.16. Gold prices held steady at $2,663 per ounce after reaching a peak of $2,670.10, the highest since December 13th. Bitcoin, the leading cryptocurrency, also remained steady at around $93,432 following a two-day decline of 7 per cent.
Investment director of AJ Bell in London, Russ Mould noted that sovereign debt concerns are now a key global issue, Reuters added.
“This route is not a UK but a global phenomenon. Sovereign debt is the elephant in the room. Will the UK achieve the growth we’d all like to, see? The markets are not convinced.”