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Financial markets are mostly in a risk off mood on Tuesday, as China has stopped its drip feed of stimulus, commodity prices fall, Middle East tensions continue to rage and the surge in US Treasury yields starts to worry investors. World bond markets are mostly stable on Tuesday. US Treasury yields have retreated slightly after the surge in yields in the previous two sessions, however, the 10-year yield is still above 4%, which is a psychologically significant number. The FTSE 100 underperforms Stock markets are lower across Europe and the FTSE 100 is the weakest performer in Europe on Tuesday. The FTSE 100 reflects the issues facing financial markets right now. The weakest performers include miners Rio Tinto, Glencore and Anglo American. Rio Tinto is leading the index lower, and its share price has had its biggest daily decline in 17 months. The UK miners have been hit by weaker commodity prices on Tuesday, after China’s National Development and Reform Commission failed to deliver more stimulus at their conference. HSBC is also lower, as stocks with links to China take a hit. HSBC has given back more than 60% of its gains since September, when the Chinese government announced its recent stimulus measures. This could be a warning sign that the boost global equities received from the China stimulus measures may not persist. UK asset prices may also remain under pressure in the lead up to the UK budget later this month. Although sterling has managed to regain some of its recent losses, it is still below $1.31 vs. the USD. Rising yields, a stronger dollar and a sell off in stocks is not helping the pound to recover in a meaningful way. The question for investors is whether this will set the tone for the rest of Q4. Rising…

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Filed under: News - @ October 8, 2024 12:27 pm