Banque Suisse,
Focus Méditerranéen

The latest bout of weakness in bonds lifted yields to multi-year highs, reducing the appetite for stocks on speculation that a torrid market surge has gone too far amid war-fueled inflation risks. With oil holding above $100 and no signs of an end to the Iran conflict, Treasury 30-year yields hit levels last seen in 2007 on concern that elevated energy costs are increasing the chances that the next Federal Reserve move will be a hike, not a cut. Equities extended their drop from a record, with the S&P 500 posting its longest losing streak since the end of March. Global equities headed for their longest losing streak in more than two months as mounting inflation concerns drove bond yields higher.