The dollar soared to another record after the White House talked down the prospect of weakening the currency, while the continuing global bond rout pushed 10-year Treasury yields to the highest since 2008.
Major equity levels crumbled after a slew of hawkish Federal Reserve speakers stoked fears about rising interest rates and the economic outlook. European stocks dropped for a fifth day as investors abandon the region at levels last seen during the euro area debt crisis, according to Citigroup Inc. strategists. U.S. futures and Asian shares also fell.
UK 30-year yields jumped to the the highest since 1998 ahead of a green bond sale that has already pulled in more than £24 billion of orders, while the pound fell amid mounting global criticism of the government’s fiscal plan. The dollar’s rally brought losses to other currencies, including the euro and the onshore yuan, which tumbled to its weakest level since 2008. A regulatory body guided by the People’s Bank of China urged banks to protect the authority of the yuan fixing.
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