Global stocks fall as US bond yields hit 24-year high

Global equity markets retreated on Tuesday, 29 September, as surging US Treasury yields overshadowed a decline in crude prices. The sell-off was driven by a sharp drop in US consumer confidence and investor caution ahead of critical inflation data scheduled for release on Wednesday, 30 September. Yields reach multi-decade highs The yield on the 30-year US Treasury note climbed to 5.62 percent, marking its highest level in 24 years. Simultaneously, the benchmark 10-year yield held steady at 5.25 percent, maintaining a peak not seen since 2007. Art Hogan of B. Riley Wealth Management noted that while energy costs softened, the persistence of high yields continues to act as a primary headwind for equity valuations. On Wall Street, the Dow Jones Industrial Average fell 0.26 percent to close at 51,349.92 points. The S&P 500 declined 0.17 percent, while the Nasdaq Composite edged down 0.09 percent. This volatility comes as the market prepares for the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's primary metric for tracking inflation. Oil prices retreat on supply data Crude oil reversed Monday's gains following reports that Middle Eastern exports reached a post-war high. West Texas Intermediate (WTI) fell 3.48 percent to $89.38 per barrel, while Brent North Sea crude dropped 2.56 percent to settle at $102.59 per barrel. Analyst Axel Rudolph of IG stated that the restoration of Saudi pipeline flows helped mitigate concerns regarding potential…