NEW YORK: US Treasury yields hit two-and-a-half year highs on Monday, while oil prices fell as investors weighed positive comments from cease-fire talks between Russia and Ukraine alongside expectations of the first rate hike by the US Federal Reserve.

In early afternoon trading, Brent crude futures were down 6.57pc at $105.27, US West Texas Intermediate (WTI) crude was 6.4pc lower at $102.34 per barrel.

European stocks closed higher on Monday on the tentative hopes of progress in the peace talks while oil prices retreated to their lowest in two weeks on the prospects of increased global supplies. Benchmark US 10-year yields rose to 2.1099 per cent, the highest since July 2019.

On Wall Street, the Dow Jones Industrial Average rose 0.66pc to 33,161.13, the S&P 500 lost 0.06pc to 4,201.92 and the Nasdaq Composite dropped 1.18pc to 12,692.11.

Gold prices fell as US Treasury yields rose.

Spot gold dropped 1.3pc to $1,959.62 an ounce, while US gold futures fell 0.9pc to $1,964.70 an ounce.

Published in Dawn, March 15th, 2022