Financial Markets… Spanish and Italian 10-year borrowing costs touched multi-years lows on Wednesday as the latest surveys showed the euro-area services and manufacturing grew more-than-expected in February, boosting demand for the region’s high-yielding bonds. Spain’s 10-year bond yield fell as much as 9 basis points to 3.35%, the lowest level since October 2005. Improving creditworthiness of the two countries drove their 10-year government bond yields to below 4% this year for the first time since 2010.
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Financial Markets…Global equities bounced back on Tuesday as Ukraine tensions eased. The rebound was led by European stocks with the benchmark Stoxx Europe 600 Index advancing 2.1%, the biggest rally in eight months. The European gauge tumbled 2.3% yesterday after Russia’s parliament granted President Putin the authority to use military force in Ukraine. Asian and developing-country shares also recovered amid improving investor sentiment. U.S. equities gained as well, with the S&P 500 index surging 1.4% to a fresh record high in mid-day trading.
Financial Markets…Chinese stocks dropped the most in five months amid worries over property markets and the country’s currency weakened the most in more than three years. The benchmark Shanghai Composite Index fell 2%, extending its four-day decline to 5.1%, led by a slump in property stocks on mounting funding concerns. China’s yuan depreciated 0.46% versus the dollar to 6.1266, the steepest drop since November 2010, spurred by signs Chinese economy is losing momentum.
Financial Markets…U.S. stocks rallied on Monday, with the S&P 500 index rising to a record high, as investors speculated the world biggest economy can withstand the normalization of Fed’s monetary policy. The U.S. stock rally shrugged off worries over a cooling property market in China. The S&P 500 gained as much as 0.9% to an all-time high of 1,852, surpassing a previous high of 1,848.38 reached on January 15, and the Dow Jones industrial average was also up 0.9% in morning trade. The S&P index has bounced back 5.4% from its low on February 3.