Global shares subdued as trade risk sours rate hopes
LONDON - German bond yields plumbed new record lows on Thursday and U.S. treasury yields resumed their fall as renewed trade tensions doused a rally fueled by hopes for more central bank stimulus ahead of a European Central Bank meeting.
The latest flare up in tensions follows a mixed bag of economic data that rekindled woes over the health of the world’s top economies but also spurred expectations that central banks could ride to the rescue. “We are still caught in this whirlwind of conflicting economic and corporate stories... we are getting mixed political signals, and quite mixed economic news,” said Andrew Milligan, head of global strategy at Aberdeen Standard Investments.Much focus was also on the auto sector after Italy’s Fiat Chrysler Automobiles MV abandoned its $35 billion offer for Renault SA, the latter seeing its shares tumble as much as 8%.
Policymakers are expected to try to give an ailing euro zone economy a boost and may even set the stage for more action later this year as an escalating global trade war saps growth and unravels the benefits of years of ECB stimulus. “We expect the ECB to change their forward guidance on interest rates and to trim their macroeconomic projections and modify their forward interest rate guidance because of low inflation and heightened uncertainty about global trade.”
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