Global stock markets were sinking Thursday morning, ahead of several key U.S. economic reports, including the Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) price index. These reports are crucial indicators of the health of the U.S. economy and can significantly influence market sentiment.
At 2 a.m. ET, Asian shares were down across the board, with the Asia Dow down 1.24%, the Nikkei down 1.62%, and the Hang Seng down 1.43%.
The sell-off spread over to the U.S. market, with the Dow Futures down 328 points and the Nasdaq Futures down 129 points.
Global equities are selling for a second day, thanks to elevated inflation and the issuing of government debt pushing bond yields higher worldwide.
The benchmark 10-year Treasury bond is currently trading at 4.60%, up 0.12% for the week. The U.K. 10-year Gilt is at 4.41%, up 0.17%, and the German 10-year Bund yield is at 2.68%, up 0.14%.
Rising government bond yields…
