Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
LONDON, Sept 25 - Global shares fell on Monday, extending last week’s slide as central banks reinforced the message that interest rates would stay higher for longer, while investors braced for high-stakes U.S. inflation data on Friday.On the one hand, the likes of the European Central Bank and the Bank of England signalled they might not raise rates again.
"It’s not about the fact that the 10-year is over 4.5% - whatever the number is, you get this feeling in the market the pain threshold is getting closer. That is the story," said Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management. "This is all happening at a moment where this resilience is coming to an end. We were already expecting substantial weakness to materialise in the U.S. economy - it's happened already in Europe - and on top of that you have the cocktail of shocks coming that Powell mentioned last week," he added.
Chinese shares fell after a rebound on Friday, driven by concerns about the property market. On Sunday, embattled developer Evergrande said it was unable to issue new debt due to an ongoing investigation into its main Chinese subsidiary.The dollar index got a boost from the rise in Treasury yields, rising 0.1% on the day. It logged a 10th straight week of gains last week, its longest such stretch since 2014, as investors rushed to ditch their bets on the Fed cutting rates next year.
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