By Medha Singh and Tom Westbrook
LONDON/SINGAPORE (Reuters) – Global stocks dipped on Tuesday, while bond yields and the dollar traded near multi-month highs as investors reined in expectations for more big U.S. interest rate cuts ahead of the U.S. election.
Bucking the trend in the equities market was the European heavyweight software company SAP, which surged to an all-time high after raising its full-year targets.
The MSCI All-World index ticked 0.2% lower, while U.S. futures pointed to another weaker start open after Monday’s drop in the benchmark indices.
“We’re getting very close to the U.S. election and the data in the U.S. has been strong. So there is a question about how much the Fed can do,” said Peter Schaffrik, global macro strategist at RBC Capital Markets.
The chances of the U.S. Federal Reserve delivering a quarter-point rate cut at its Nov. 7 meeting have receded to 87% from near certainty a week ago, according to CME’s…
