Yields and Stocks Slump as Inventories Wait on U.S. Tax Vote

European yields headed south, as stock markets sold off and risk aversion returned, with Eurozone peripheral markets underperforming. Most of the gains seen in the wake of speculation of a Brexit deal at May’s meeting with Barnier and Juncker next Monday have been wiped. Stronger than expected PMI readings out of the Eurozone as well as the U.K. were shrugged off as investors nervously eye the progress of the U.S. tax reform bill. In Germany comments from SPD head Schulz after yesterday’s meeting with Merkel and President Steinmeier suggest a slight softening of the strict “no” to a renewed coalition with Merkel’s CDU/CSU, but Merkel would have to agree to tough conditions and is still far from securing a majority in the lower house.

Continue reading: https://www.iforex.com/news/yields-and-stocks-slump-inventories-wait-us-tax-vote-46015

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