U.S. equities opened lower as global stocks lost momentum, with European shares drifting and Asian peers retreating. A slump in South Africa’s rand reminded investors of the continuing tumult in emerging markets.
The S&P 500 dropped for a second day, while the Stoxx Europe 600 Index was little changed after Chinese and Hong Kong shares had tumbled earlier. German bunds led advances in core European bonds, and the common currency weakened after four straight days of gains. Treasury 10-year yields fluctuated in a narrow range, and the dollar rose. Next up on the docket will be a potentially rocky summit of the G-7, where trade disputes are set to showcase a divide between the U.S. and longtime allies.
“Headline news, such as G-7, come to the fore, volatility accelerates and areas that have performed well -- tech -- come under selling pressure,” Ernie Cecilia, chief investment officer at Bryn Mawr Trust Co, said in a message. “The selling pressure is not due to fundamental reasons but rather on the view that it is a short-term trade to raise cash in highly liquid names that can be easily re-purchased on the other side of newsmakers.”
source : https://www.bloomberg.com/news/articles/2018-06-07/asian-stocks-set-to-decline-treasury-yields-fall-markets-wrap
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