World Stocks Edge Above November 2020 Lows, Sterling Recovers Some Ground
LONDON/HONG KONG—World stocks picked up from 21-month lows on Tuesday and sterling rallied after hitting record lows versus the dollar a day earlier on UK plans for tax cuts, as market slides ran out of steam.
U.S. S&P futures bounced 0.94 percent after Wall Street fell deeper into a bear market on Monday, benchmark 10-year Treasury yields dipped from the previous session’s 12-year high and the dollar eased from 20-year highs on a basket of currencies.
Markets remain nervous, however, after U.S. Federal Reserve officials on Monday said their priority remained controlling domestic inflation.
“U.S. rate expectations have increased fairly significantly,” said Andrew Hardy, investment manager at Momentum Global Investment Management, though he added that “there’s a huge amount of bearishness already priced into markets.”…