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Higher bond yields and stronger growth expectations are driving investors away from assets that have benefited from the crisis to assets that have been left behind. The Nasdaq lost 2.5% again yesterday. Bond yields seem stabilizing for the time being nevertheless, which may offer some respite. The USD kept on strengthening, pushing the EUR/USD to 1.1836, near the key support of the 200-day moving average.
Thanks to some decline in bond yields (the US 10y is back below 1.55% this morning), Asian stock markets have rebounded, but US equities declined further yesterday, especially tech stocks, the Nasdaq entering in “correction” territory (down by more than 10% since its peak of February).
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