|Bond yields up, stocks sag on enhanced U.S. rate hike prospects|
Stocks sagged on Friday as global bond yields surged and pulled the dollar to three-month highs versus the yen, after the latest batch of U.S. data increased chances for a near-term interest rate hike by the Federal Reserve. Upbeat U.S. data including jobless claims, manufacturing activity and pending home sales strengthened the case for the Fed to raise rates by the year-end and lifted Treasury yields that had already risen in the wake of a surge in British and euro zone yields. The markets' focus was now turned toward third quarter U.S. gross domestic product data due out later in the global session.
|Consumers, exports seen buoying U.S. third-quarter GDP growth|
By Lucia Mutikani WASHINGTON (Reuters) - U.S. economic growth likely accelerated in the third quarter as consumers maintained a strong pace of spending and exports surged, potentially keeping the Federal Reserve on track to raise interest rates in December. In addition to support from consumer spending and exports, the economy is also expected to have received a boost from a rebound in mining activity and inventory investment. "As long as you have consumer spending, some stabilization of capital spending, trade kicking in and inventories switching from being a significant drag, that balanced composition will make us confident that things are moving in the right direction," said Anthony Karydakis, chief economic strategist at Miller Tabak in New York.
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