GLOBAL MARKETS-Stocks rebound after S&P 500 correction, safe-haven gold touches record
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Global stock index shows biggest weekly loss since December
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Gold hits record high of
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U.S. stocks rise after confirming correction
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German bond yields rise on prospects of fiscal deal
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Investors remain nervous over escalating global trade tensions
(Updates prices after U.S. stock market close)
By Sinéad Carew and Naomi Rovnick
German government bond yields and the euro rose on
Friday, with
"It's been a sharp decline from the highs in mid-February," said Melson.
"You're seeing some signs of it at least getting an intermediate low and a little bit of a relief rally," he said. "There's not really anything meaningful in the way of news to really drive a rally other than just the technicals."
On
The benchmark S&P index had finished Thursday more than 10%
below its February record close after U.S. President Donald
Trump threatened to impose a 200% tariff on European wine and
spirit imports, the latest trade war escalation after
Last week the Nasdaq confirmed it was in a
correction, driven lower by tariff and growth uncertainties as
well as high valuations for megacap tech stocks. The Nasdaq
Composite ended up 451.07 points, or 2.61% at 17,754.09
on Friday, for its biggest daily gain since
MSCI's broadest gauge of global stocks rose 14.73 points, or 1.79%, to 836.32 on Friday, but still showed its biggest weekly fall since December.
Earlier, the pan-European STOXX 600 index closed up 1.14%.
Spot gold breached
In fixed income, the yield on the benchmark German 10-year Bunds was last at 2.876% after earlier rising as high as 2.936%.
U.S. Treasury yields rose as the stock market recovery reduced safe-haven demand for U.S. government debt.
The yield on benchmark U.S. 10-year notes rose 4.2 basis points to 4.318%, from 4.276% late on Thursday, while the 30-year bond yield rose 2.9 basis points to 4.6248%.
The 2-year note yield, which typically moves in step with interest rate expectations for the Federal Reserve, rose 7 basis points to 4.023%, from 3.953% late on Thursday.
"What you've had over the past week or two is a repricing of
what's called the Trump put lower for equities, while at the
same time, understanding that tariffs are probably here to stay
in some form and aren't just a negotiating tactic," said
In currencies, the euro gained broadly on optimism about
Against the Japanese yen, the dollar strengthened 0.55% to 148.62. Against the Swiss franc, the greenback strengthened 0.33% to 0.885, supported by hopes the U.S. government would avoid a shutdown over the weekend.
Oil prices rebounded 1% to end the week nearly unchanged as
investors weighed the diminishing prospects of a quick end to
the
Brent crude futures settled
Earlier in
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