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By Staff Reporters
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- China’s 10-year bond yield plunged to a record low this month, while the Chinese currency [yuan] traded in Hong Kong on Wednesday hit its weakest against the U.S. dollar in more than a year.
- The People’s Bank of China is “trying to cool down the market by suspending government bond buying,” said Larry Hu, chief China economist at Macquarie.
- Cite: https://www.cnbc.com/2024/08/15/chinas-bond-market-intervention-reveals-financial-stability-worries.html?&doc=108084603
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And, the U.S. economy added a much larger-than-expected total of new hires last month, adding more upward pressure to wage inflation and likely stoking a further selloff in U.S. Treasury bonds.
The Bureau of Labor Statistics said 256,000 new jobs were created last month, well ahead Wall Street’s 164,000 forecast and the down-wardly revised 212,000 reading from November.
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Finally, Wall Street’s major averages are tumbling today as investors digested the hotter than expected jobs report. Early on and the S&P 500 (SP500) was -1.7%, the NASDAQ Composite (COMP:IND) was -2.2%, and the Dow (DJI) was -1.3%.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Breaking News, Experts Invited, Financial Planning, Funding Basics, Glossary Terms, Investing | Tagged: BLS, bon sell off, China, china bonds, china central bank, China Economy, chinease currency, DJIA, economy, finance, Larry Hu, Macquarie, NASDAQ, news, politics, S&P 500, US bonds, USBLS, wage inflation, Wall Street, yuan |
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