Bitcoin price today: slips below $113k, near 6-wk low despite Fed cut bets
* Wall Street stocks advance
* Treasury yields pare losses after 30-year yield hits
record low
* Sterling slides as UK PM plans to cut parliamentary time
* Gold, silver, Japanese yen ease from session highs
* Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh
(Updates to open of U.S. markets, changes byline, dateline;
previous LONDON)
By April Joyner
NEW YORK, Aug 28 (Reuters) - A gauge of equities worldwide
shed early losses on Wednesday as Wall Street stocks rose
despite looming recession jitters, while sterling tumbled as
Britain's prime minister moved to restrict parliamentary time
before the country's planned departure from the European Union.
The advance in U.S. stocks propelled the MSCI-All Country
World Index .MIWD00000PUS to a 0.26% gain, even though the
pan-European STOXX 600 .STOXX fell 0.14%. As stocks recovered,
safe-haven assets such as gold and the Japanese yen turned
negative on the day, though still near recent highs. U.S.
Treasury prices also eased. Still, risk appetite was muted as yields on 30-year U.S.
Treasuries touched all-time lows earlier in the session and were
below those of 3-month bills. The yield curve between 2-year
and 10-year notes US2US10=TWEB remained inverted. An inversion of the yield curve - where yields on
shorter-dated debt are above those on longer-dated paper - has
historically been a highly accurate predictor of a U.S.
recession.
"It's become very difficult for investors to garner an idea
of where we go to next," said Michael Hewson, chief market
strategist at CMC Markets. "The weakness in bond yields and the
strength in havens speaks to an investor that is becoming
increasingly risk-averse."
The British pound GBP= dropped sharply after Prime
Minister Boris Johnson set Oct. 14 as the date for the formal
state opening of a new session of parliament. The opening
limits the time the parliament would sit before the planned date
for Brexit on Oct. 31. The news stoked fears of an economically
disruptive no-deal departure from the EU. Sterling was last down 0.45% against the dollar at $1.2232.
The Dow Jones Industrial Average .DJI rose 176.7 points,
or 0.69%, to 25,954.6, the S&P 500 .SPX gained 14.87 points,
or 0.52%, to 2,884.03 and the Nasdaq Composite .IXIC added
23.83 points, or 0.3%, to 7,850.78.
Benchmark 10-year Treasury notes US10YT=RR last rose 7/32
in price to yield 1.4677%, from 1.49% late on Tuesday.
In currencies, the dollar index .DXY rose 0.15%. The
Japanese yen weakened 0.13% versus the greenback at 105.89 per
dollar, but remained close to the 2-1/2-year high of 104.44 it
hit on Monday. Among commodities, spot gold XAU= dropped 0.4% to
$1,536.45 an ounce, though not far off its six-year peak touched
on Monday. Spot silver XAG= added 0.6% to $18.27 an ounce after
having hit $18.50, its highest level since April 2017.
Oil prices jumped as data showing a fall in U.S. crude
stockpiles helped ease worries about weakening oil demand caused
by the China-U.S. trade war. U.S. crude CLcv1 rose 2.15% to
$56.11 per barrel and Brent LCOcv1 was last at $60.61, up
1.85% on the day.
U.S. Yield Curve http://tmsnrt.rs/2zUqXiW
World FX rates in 2019 http://tmsnrt.rs/2egbfVh
GBP moves https://tmsnrt.rs/2PlDRiw
EXPLAINER-Countdown to recession: What an inverted yield curve
means ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>