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World shares steady after Wall Street sinks into bear market
![World shares steady after Wall Street sinks into bear market]()
World shares inched higher and Wall Street was tipped for a stronger open on Tuesday, as U.S. Treasury yields steadied at multi-year highs following the worst selloff in years. World shares steady after Wall Street sinks into bear market
World shares inched higher and Wall Street was tipped for a stronger open on Tuesday, as U.S. Treasury yields steadied at multi-year highs following the worst selloff in years.
Shares opened mostly higher in Europe early Tuesday and Asian shares recovered from the worst of their losses following Wall Street’s tumble into what’s called a bear market.
London and Frankfurt gained on the open but fell back slightly later in the morning. Shanghai advanced while Hong Kong ended flat. Tokyo and Paris declined.
On Monday, the benchmark S&P 500 lost 3.9%, taking it 21.8% below its peak. At the center of the sell-off is the U.S. Federal Reserve’s effort to control inflation by raising interest rates. The Fed is scrambling to get prices under control and its main method is to raise rates, but that is a blunt tool that could slow the economy too much, causing a recession.
The retreat on Wall Street initially spooked investors across the world. Australia’s S&P/ASX 200 skidded 3.6% after it reopened Tuesday from a holiday on Monday.
