Stocks, bonds, and foreign exchange markets each move in their own direction as gold surges past $4,600; markets gamble amid policy uncertainties and geopolitical risks.

智通财经2026/08/21 09:31

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In early European trading hours, global government bond yields stabilized overall, while the US dollar hovered near a three-month low. US Treasury yields were mostly flat; the sharp drop triggered by the US Treasury's unexpected increase in long-term bond buybacks has largely been recovered. However, analysts warn that this move does not address the structural issues behind rising yields.
European bond yields edged lower, mainly due to the latest economic data falling short of expectations, which eased expectations for continued rate hikes on the continent. US stock index futures rose across the board: Dow futures gained around 0.2%, S&P 500 futures rose about 0.3%, and Nasdaq futures climbed about 0.5%, with the potential to recover part of Thursday's losses.
Brent crude oil steadied above $93 per barrel. Although it pulled back slightly during the day, it is still on track for a weekly gain of approximately 5%. The prospects for a quick resolution of the Strait of Hormuz dispute remain slim, geopolitical risk premiums are significant, and the Middle East crisis shows almost no signs of easing. The risk of further disruptions to regional energy supply continues to support oil prices.
Most European stock indices opened higher, with the banking sector leading gains while healthcare lagged. The pan-European Stoxx 600 index edged up by about 0.1%. Italy's FTSE MIB index led the pack, boosted by AI-related stocks. Mining shares also performed strongly, supported by rising gold and silver prices. Asian stock markets were mixed, with the Nikkei weakening while South Korea and Hong Kong edged higher.
The US dollar remained under pressure and continued to show weakness. Despite solid US economic fundamentals, uncertainty over future rate hikes—compounded by the surprise impact of the Treasury's buyback decision—has heightened concerns about the short-term outlook for the dollar. The DXY dollar index approached the three-month low set on Thursday, while the euro edged higher amid broad US dollar weakness.
Safe-haven demand pushed gold above the $4,600 per ounce mark, with a potential weekly gain of around 4%. Gold is on track for its third consecutive weekly rise; despite nominal yields moving higher, gold prices have continued to climb, highlighting how fiscal and debt concerns are increasingly driving demand for hard assets. Looking ahead, attention will turn to the US Purchasing Managers' Index for more trading cues.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Stocks, bonds, and foreign exchange markets each move in their own direction as gold surges past $4,600; markets gamble amid policy uncertainties and geopolitical risks.

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