CNBC Daily Open: High interest rate worries pressure stocks
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here .
Mixed markets, rising yields
U.S. markets were mixed on Monday. The Nasdaq Composite rose while the S&P 500 and the Dow Jones Industrial Average fell, with the latter snapping its three-day winning streak. The 10-year Treasury yield jumped almost 12 basis points. Asia-Pacific markets fell on Tuesday. Australia's S&P/ASX 200 lost 1.66% to touch its lowest closing level in around two weeks.
Shares of Hyundai Motor India fall
Hyundai Motor India shares retreated more than 5% on Tuesday – their trading debut – according to BSE data. Hyundai Motor India is a wholly owned Indian subsidiary of South Korean automaker Hyundai. Its initial public offering attracted 278.56 billion rupees ($3.3 billion) and was oversubscribed by more than two times, according to Reuters.
New bullish phase for gold
Gold prices hit a record high of $2,700 per ounce on Monday, and are continuing their ascent Tuesday. The precious metal is in a "new bullish phase," Paul Wong, market strategist at Sprott Asset Management, wrote in a note. Citi analysts think the price of gold will climb to $3,000 per ounce within the next six to nine months.
Restrictions on investments into China
The U.S. is in the final stage of reviewing measures that will curb investments into key technologies in China, according to an update by the U.S. government. The rules will cover sensitive technologies like artificial intelligence, semiconductors and quantum computing. The final rules will likely be released within the "next week or so," according to