NEW YORK, Sept 15 — Global shares were off slightly today as cooling inflation eased some fears of an early reduction in monetary stimulus, while a slowing economic recovery and uncertainty over higher taxes kept gains in check. The MSCI All Country World Index was down 0.17 per cent, and shares...
NEW YORK, Sept 15 — Global shares were off slightly today as cooling inflation eased some fears of an early reduction in monetary stimulus, while a slowing economic recovery and uncertainty over higher taxes kept gains in check.
While US data out this week shows inflation cooling and having possibly peaked, inflation in Britain was the highest in years. “As delta subsides, and inflation persists due to supply frictions from reopening and accommodative monetary policy, we expect the reflation/reopening trade to resume its outperformance, and believe that bond yields and cyclicals likely bottomed early last month,” Kolanovic added.
In contrast, inflation in Britain hit a more than nine-year high last month, though largely due to a one-off boost that analysts said was likely to be temporary. “We still have a very fragile market, especially if we get some type of tapering from the Federal Reserve,” said David Wagner, portfolio manager at Aptus Capital Advisors. “Any material change to tax policy can create a more volatile market.”The yield on the US government 10-year note was 1.2921 per cent.
“This is not a dip, it is a falling trend that will last at least until the end of this year,” Iris Pang, chief China economist at ING, said of the Chinese data.
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