Chip-led selloff hits global equities on stagflation pressure
Deutsche Bank strategists say rising yields and higher oil prices reinforced stagflation concerns, weighing on global equities with chip stocks and the Nasdaq leading US declines.
Global equities faced another difficult session as rising bond yields and higher oil prices reinforced a stagflationary backdrop, according to Deutsche Bank strategists.
US indices extended declines, with chip stocks and the Nasdaq under the most pressure. The STOXX Europe 600 also weakened, posting its fifth consecutive decline.
The moves reflect building concern that sticky inflation and slowing growth could keep central banks in a tough spot, pressuring risk assets.
Source: FXStreet Forex News