S&P 500 Futures drop, yields grind higher as OPEC+ surprise renews inflation fears – by anilpanchal7 SP500 YieldCurve OPEC RiskAversion NFP
Downbeat China PMI, Sino-American tension joins pre-NFP anxiety to weigh on risk appetite.US 10-year and two-year Treasury bond yields consolidate recent losses.
While portraying the mood, the S&P 500 Futures retreat from a 1.5-month high while printing the first daily loss in four, down 0.30% intraday near 4,125 by the press time. On the other hand, the US 10-year and two-year Treasury bond yields print mild gains near 3.52% and 4.11% while paring the latest losses. It should be noted that the benchmark US 10-year Treasury bond yields dropped for the past three weeks and the past three consecutive days.
Elsewhere, China’s Caixin Manufacturing PMI for March drops to 50.0 from 51.6 prior and 51.7 market forecasts. The UoM report mentioned regarding inflation that the year-ahead expectations “receded from 4.1% in February to 3.6%, the lowest reading since April 2021, but remained well above the 2.3-3.0% range seen in the two years prior to the pandemic.” Five-year expectations came in at 2.9% for the fourth consecutive month.
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