Real Yields Live Up To Kryptonite Reputation In Summer Stock Swoon

It was a tough week for global equities. Stocks were on track for their worst showing since March ahead of what, for many in the US, will be a two-week vacation into Labor Day. Concerns around a shadow banking meltdown in China tied to renewed stress in the property sector were the proximate cause of market participants' consternation, but new highs for US yields didn't help and some remain concerned about US economic resilience, which traders worry may keep the Fed biased towards an additional