Stock market today: World shares slip as higher US 10-year Treasury yield pressures Wall Street
World shares have retreated as the prospect of a 5% yield on the 10-year U.S. Treasury for the first time since 2007 added to pressure on Wall Street
HONG KONG — World shares retreated as the prospect of a 5% yield on the 10-year U.S. Treasury for the first time since 2007 added to pressure on Wall Street, though the yield held steady below that level early Friday.
Germany’s DAX fell 1% to 14,868.33 and the CAC 40 in Paris lost 1.3% to $6,833.21. Britain’s FTSE 100 was down 0.6% at 7,458.28. The futures for the S&P 500 and for the Dow Jones Industrial Average were virtually unchanged.
Investors were keeping an eye on the Middle East, where Israel bombarded Gaza early Friday, hitting areas in the south where Palestinians had been told to seek safety.
Oil prices surged anew with escalating conflict fueling supply concerns. The price of oil depends on how much of it is consumed and how much is available. The latter is under threat because of the Hamas-Israel war, even though the Gaza Strip is not home to major crude production.
A barrel of benchmark U.S. crude rose $1.36 to $89.73 per barrel in electronic trading on the New York Mercantile Exchange. It gained $1.05 to settle at $89.37 on Thursday. Brent crude, the international standard, picked up $1.29 to $93.67 per barrel.
In Asian trading, Tokyo’s Nikkei 225 index lost 0.5% to 31,259.36 after the government reported that consumer inflation was higher than expected in September. The core inflation rate, which excludes volatile fresh food prices, rose 2.8% from a year earlier in September.
It was the first time in 13 months that core CPI inflation has fallen below 3%. But when excluding both fresh food and fuel prices, inflation was 4.2%, still close to the 40-year peak
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