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US stocks fall on yield curve inversion

  • 2019/04/15
  • 2019/04/08
  • 2019/04/01
  • 2019/03/25
  • 2019/03/18
  • 2019/03/04
  • 2019/02/26
  • 2019/02/19
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US stocks ended lower last week as the spread between three-month and 10-year yields turned negative. The yield curve inversion is widely believed to be a leading indicator of a recession in economy. Stock market pulled back despite the Federal Reserve plans to not raise interest rates this year instead of earlier projection of two rate hikes, and progress in US trade negotiations with China as President Donald Trump saying the administration is “getting very close” to a trade deal with China. The S&P 500 slid 0.8% while the ICE US dollar index added 0.1%.

Two Asian indexes out of six major global stock indexes extended gains while others fell last week. Dow suffered the sharpest decline: it lost 1.3%. All six major currencies reversed previous week’s dynamics against the US dollar, while the range of fluctuations narrowed. The Japanese yen was the leader in terms of percentage change: it gained 1.4% against the US dollar.

US Trade Representative Lighthizer and Treasury Secretary Mnuchin will visit China on March 28-29 to continue US-China trade talks. Apple unveils new products on Monday. The UK parliament will be voting for the Brexit deal on Tuesday as Prime Minister May got backing of Chancellor of the Exchequer Philip Hammond and other cabinet members on Sunday. And China’s Boao Forum for Asia will hold its annual conference this week.

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