Investors were gravitating toward the dollar and bonds on Friday as concerns mounted that global central banks may trip a recession.
U.S. stock futures fell Friday as investors pushed toward the perceived safety of the U.S. dollar and bonds as a wave of interest rate hikes across Europe fueled concerns that too-aggressive central banks could drive a global recession.
What’s driving markets Concerns over too-aggressive central banks derailing global growth were back on the table for Friday, after fresh data showed a loss of momentum for business activity in the eurozone for June, according to a purchasing managers survey. Jitters were showing up as the dollar DXY rose 0.7% against a basket of major currencies — the euro EURUSD fell 1% against the dollar — while the yield on the 10-year Treasury note TMUBMUSD10Y fell five basis points to 3.744%. Yields on 10-year U.K. gilt TMBMKGB-10Y and 10-year German bunds were down by 10 basis points or more. Crude prices CL.1 fell 1.6% to $68.49 a barrel.
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