Rising US Treasury yields cool down rally in global stock markets

The rally in stock markets stalled on Wednesday as a surge in U.S. Treasury yields on optimism about a swift economic recovery put pressure on lofty company valuations.

Benchmark 10-year Treasury yields reached a one-year high to trade near pre-pandemic levels, as vaccine progress and encouraging economic data begin to drive investor focus on inflation. The MSCI world equity benchmark fell 0.1% by 0908 GMT, as a weaker start of trading in Europe offset a brief surge in Asia overnight. The index, which tracks shares in 49 countries,.....

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