Global financial markets whipsawed, with stocks rebounding from an earlier slide and Treasuries wiping out their rally as U.S. House Speaker Nancy Pelosi’s Taiwan trip failed to further undermine risk sentiment.
In a session of many reversals, the S&P 500 erased a drop of almost 1% amid a tech rally. A gauge U.S.-listed Chinese shares climbed 2.5%. Ten-year U.S. yields hit 2.7%, following a slide that drove them to around 2.5%. The Japanese yen slipped after touching a nearly two-month high. The yuan rose. Gold pared gains significantly, while still trading near a four-week high.
“As soon as she landed safely the market took off,” said Jay Hatfield, founder of Infrastructure Capital Advisors, referring to Pelosi’s arrival in Taipei.
