Australian shares have opened higher after global equity markets climbed.
US Treasury yield curve inverted on signs of persistent inflationInflation in Europe runs at record levels, hitting 7.5 per cent in MarchEight of 11 sectors were higher, with materials the best-performing sector, gaining +1.5 per cent and +3.9 per cent over the past five days.
With US economic growth so robust — and inflation running at three times the Federal Reserve's 2 per cent target — investors are widely expecting a drum roll of interest rate rises this year. "[Friday's] solid growth of payrolls checked the box for the Fed in its drive toward fighting inflation," said Rick Rieder, BlackRock's chief investment officer of global fixed income.
The Dow Jones Industrial Average rose 0.4 per cent, the S&P 500 added 0.34 per cent, and the Nasdaq Composite gained 0.29 per cent. In response, the German 10-year government bond yield, a benchmark for the euro zone, rose 2.8 bps to 0.58 per cent, after jumping 39 bps in March, its biggest monthly rise since 2009.
"Given its impressive track record in predicting US recessions — it's been almost 50 years since the last false positive — it would seem foolish to doubt that bearish recession speculation," said Paul Ashworth, chief North America economist at Capital Economics.
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