Banks, Insurance Stocks Lead Markets Higher, Bond Yields Rise
November 18 2016 - 4:20AM
Dow Jones News
Banks and insurance companies led markets higher on Friday while
bond yields climbed as investors stepped up bets on U.S. interest
rate rises.
The Stoxx Europe 600 rose 0.3% in the early minutes of trading,
led by shares of HSBC Holdings, Prudential and Allianz, following
gains in Asian markets and on Wall Street.
U.S. stocks had risen and the 10-year Treasury yield hit its
highest level of the year on Thursday after economic data and
comments from Federal Reserve Chairwoman Janet Yellen reinforced
expectations for higher U.S. interest rates this year and in
2017.
The yield on the 10-year U.S. Treasury note climbed to 2.339%
early Friday, while the 10-year German government bond yield rose
to 0.333%. The yield premium that investors demanded to own
Treasury notes relative to bunds had climbed to its highest since
1989 on Thursday.
In currencies, the WSJ Dollar Index rose 0.3% on Friday after
advancing for nine consecutive trading days in its longest winning
streak since 2009. It was last up 0.1% against the euro and up 0.5%
against the yen, after rising above ¥ 110 for the first time in
five months.
The moves in the Japanese currency supported stock markets in
Japan, which touched a 10-month high on Friday, but weighed on
dollar-denominated commodities.
Brent crude oil was down 0.7% at $46.18 a barrel while gold fell
1% to $1,204 an ounce, around a six-month low.
Write to Riva Gold at riva.gold@wsj.com
(END) Dow Jones Newswires
November 18, 2016 04:05 ET (09:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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