October 28, 2016
Mohamed El-Erian said he's favoring cash when managing his own money. The idea is catching on in the bond market as benchmark 10-year U.S. yields rise to the highest level since May.
The dollar held near a seven-month high while stocks and bonds fluctuated after data showing a pickup in the world's largest economy bolstered the case for higher interest rates this year. Oil fell. The greenback was set for a fourth weekly advance.
Euro-area economic confidence rose to a 10-month high in October after French growth rebounded and Spain powered ahead. An index of executive and consumer sentiment in the region rose to 106.3 from 104.9 in September.
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