Volatility Hits Markets With Geopolitics Adding to Set of Risks
- Pelosi to meet Taiwan leader, China revs up military exercises
- US stocks drop, bond yields climb amid many market reversals
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Global financial markets whipsawed as risk sentiment remained fragile, with US House Speaker Nancy Pelosi’s Taiwan trip adding to the list of investor worries ranging from a restrictive Federal Reserve policy to the specter of an economic recession.
In a session of many reversals, the S&P 500 ended lower after several attempts to stay in the green. A gauge of US-listed Chinese shares halted a three-day slide. Ten-year US yields jumped to 2.75%, following an earlier plunge that drove them to around 2.5%. The Japanese yen and gold erased gains. The offshore yuan advanced.