The dollar strengthened against the British pound, the euro, and the yen, while the London, Paris, and Frankfurt stock markets all closed with losses of more than 1.5 per cent. The rally in bond yields and rising crude oil futures led to concerns about government debt and energy prices, while the US-China summit failed to yield major breakthroughs on trade relations or the Middle East conflict.
The dollar firmed against the British pound, the euro and the yen after a rally in bond yields led to concerns about government debt and the potential impact of higher energy prices on consumers.
Japan's 30-year bond rate reached four per cent, surpassing its 1998 high. The US-China summit failed to deliver major breakthroughs on the Middle East war or trade relations, adding to diplomatic uncertainty. Energy prices have remained elevated and will likely continue to do so due to supply fears caused by stalled US-Iran diplomacy
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