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Investment Daily: US stocks rose as Treasuries edged lower

23 April 2026

Key takeaways

  • US stocks rose; Treasury yield curve flattened.
  • European stocks fell; government bonds ended little changed.
  • Asian stocks traded mixed.

Markets

US stocks closed higher on Wednesday. The S&P 500 gained 1.0% with divergent sectoral performances.

US Treasuries edged lower, and the yield curve flattened slightly. 10-year yields closed at 4.40% (+1bp).

European stocks fell on Wednesday as investors assessed ongoing geopolitical tensions in the Middle East. The Euro Stoxx 50 lost 0.4%. The German DAX fell 0.3% and the French CAC dropped 1.0%. In the UK, the FTSE 100 closed 0.2% lower.

European government bonds ended little changed. 10-year German bund yields edged up 1bp to 3.01% and 10-year French bond yields ended flat at 3.66%. In the UK, 10-year gilt yields rose 3bp to 4.91%.

Asian stock markets traded mixed on Wednesday amid investor caution over geopolitical developments. Japan’s Nikkei 225 and Korea’s Kospi advanced 0.4% and 0.5%, respectively. China’s Shanghai Composite rose 0.5%, while Hong Kong’s Hang Seng fell 1.2% on weakness in tech heavyweights. Elsewhere, India’s Sensex lost 1.0% amid some downbeat earnings.

Crude oil prices rose on Wednesday. WTI crude for June delivery settled 0.9% higher at USD93.0 a barrel.

Key Data Releases and Events

Releases yesterday

In the UK, CPI rose to 3.3% yoy in March, from 3.0% yoy in February, as expected, on higher energy prices. Core CPI held steady, edging lower to 3.1% yoy in March from 3.2% yoy in February.

Bank Indonesia kept its benchmark rate unchanged at 4.75%, as expected, and signalled that it stands ready to take policy actions to support the IDR and keep inflation with target.

Releases due today (23 April 2026)

The Eurozone’s composite PMI likely declined on higher oil prices. The output price index will be closely watched.

The UK composite PMI may fall into contractionary territory due to heightened uncertainty amid the Middle East conflict.

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