Bond yields take wrecking ball to equity markets – The Australian Financial Review
The long end of the curve moving higher is bad for the long duration stocks like tech, where valuations are higher, and thats what the market is worried about.
The Australian dollar crossed US80¢ for the first time since February 2018, just after 8pm AEDT on Thursday, but it too was swiftly caught up in the risk asset sell-off, tumbling back to near US78.5¢ on Friday. It tends to echo the direction of Wall Street as both are proxies for risk appetite.
Weve gone from hero to zero pretty quickly,…