Rising Yields Lift Dollar as Oil Surges

LONDON/SYDNEY—World shares edged higher on Monday courtesy of gains in China, while rising Treasury yields lifted the dollar to a near three-year peak against the Japanese yen. Brent oil prices extended their bull run to reach ground last visited in late 2018, with gains across the energy complex stoking inflation concerns. “Higher energy prices, shortages will inevitably make their way through global value chains in the form of rising prices and potentially shortages of industrial and consumer goods,” said OANDA analyst Jeffrey Halley. “All of this makes the constant blathering from central bankers around the world about inflation being ‘transitory’ ring more and more hollow.” Inflation jitters kept investors cautious, with the Euro STOXX 50 0.2 percent lower. Nasdaq futures and S&P 500 futures were down around 0.4 percent and 0.3 percent, respectively. The MSCI world equity index, which tracks shares in 50 countries, was 0.1 percent higher. Sentiment in …

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