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Australia, NZ dollars on defensive as risk rout sparks bond rally
SYDNEY: The Australian and New Zealand dollars were on the defensive on Friday as a rout in global share markets rattled risk assets, though bonds benefited from a flight to safety. Concerns about the enormous capital needs of AI hammered technology stocks and sparked a rally in US Treasuries. Massive spending on data centres has been a key driver of recent US growth, and investors worried that pace could slow. Markets reacted by pricing out more than 20 basis points of Federal Reserve tightening, even as Brent oil topped $113 a barrel, threatening renewed inflation pressures. Yields on Austra...
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