US stocks drop on fear of escalated trade spat; Argentine peso roiled
Updated : August 31, 2018 06:33 AM IST
Stock markets and major government bond yields have risen in recent weeks on hopes that a global trade war could be averted, particularly as leaders of the United States and Canada expressed optimism they could reach a new North American Free Trade Agreement by Friday.
The Argentine peso tumbled again, even after the central bank hiked its benchmark interest rate by 15 percentage points to a dizzying 60 percent on Thursday in a bid to control rampant inflation and stem the currency's slide. The peso finished at a record closing low of 39.25 per US dollar.
US Treasury yields fell further on Thursday as investors moved to safe havens following the report of Trump's tariffs plan and the Argentine peso's tumble. The yields had declined earlier after a measure of underlying inflation just managed to hit the Federal Reserve's 2 percent target.
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