Philippines looks to generate $100bn of investment from trilateral summit

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US stocks and Treasuries sold off after higher than expected inflation in March dimmed traders’ hopes for near-term interest rate cuts.

Wall Street’s S&P 500 index closed 0.9 per cent lower on Wednesday. Every sector declined except for energy, which was helped by a rebound in the price of oil.

The tech-focused Nasdaq Composite declined 0.8 per cent, with four of the Magnificent Seven tech groups falling.

Yields on two-year and 10-year Treasuries leapt to their highest levels since mid-November following the release of the inflation data. The yield on the two-year note jumped as much as 0.24 percentage points to almost 4.99 per cent and near the 5 per cent threshold it most recently touched on November 14.

The price of gold fell 1 per cent from Tuesday’s record high close. The yellow metal had advanced in 11 of the past 12 sessions.

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