LONDON—Global shares tumbled on Monday, after a run of upbeat economic data suggested interest rates will have to rise further and stay higher for longer, while a stronger dollar and political turbulence hit risk-linked assets.
Last week’s blockbuster U.S. jobs report sent investors scurrying to load up on dollars to the detriment of emerging market assets and lower-yielding currencies like the yen.
Government bonds, which usually perform well when there is a dash for safe havens, have come under intense pressure, sending 10-year Treasury yields towards one-month highs.
The U.S. military said on Sunday it is searching for remnants of the suspected Chinese surveillance balloon it shot down a day earlier, while Beijing on Monday urged Washington not to escalate matters….