Thanks for joining me. The Asian stock markets are facing chaos due to an accelerating sell-off in US government bonds.
Equities in Japan, South Korea, Hong Kong, Taiwan, Sydney, and more have all experienced a sharp downturn.
In Asian trading, US Treasuries continued to decline, causing yields on the 10- and 30-year notes to approach 5%.
5 things to start your day
1) Global stocks sink as US bond yields hit 2007 levels | A surprising increase in US job openings triggers a steep sell-off
2) Tory party treasurer calls for higher taxes on people living in the most expensive houses | Lord Leigh suggests creating new council tax bands for mansions and penthouses
3) West Midlands mayor launches last-ditch attempt to rescue HS2 | Private funding proposed as Rishi Sunak expected to cancel the northern leg of the troubled rail project
4) Restaurant tycoon ordered to remove windows from £40m Kensington mansion | Ivy owner Richard Caring loses battle with local council over “incongruous and dominant windows”
5) Household gas bills expected to rise due to heat pump rollout | Consideration of shifting green levies to gas to discourage traditional boiler use
What happened overnight
Asian markets took a significant hit after Wall Street experienced a sharp decline due to surging bond yields resulting from a surprisingly strong job market, raising concerns about high interest rates.
The Nikkei 225 index in Tokyo dropped 2.2% to 30,551.85, while the Kospi in South Korea fell 2.3% to 2,408.68.
Hong Kong’s Hang Seng declined 1% to 17,151.61. China Evergrande, a troubled property developer, dropped 8.5% following a 28% plunge on Tuesday.
Australia’s S&P/ASX 200 also fell 1% to 6,873.90, and the SET in Bangkok declined 0.2%.
On Tuesday, Wall Street stocks fell as US bond yields reached 16-year highs, renewing concerns that the Federal Reserve will need to maintain higher interest rates.
The decline in stocks followed a report revealing more job openings than anticipated in the US. The expectation of sustained high interest rates is putting pressure on stocks as Treasury yields rise in the bond market.
The Dow Jones Industrial Average experienced its largest one-day decline since March, dropping 430 points or 1.3% to close at 33,002.38.
The S&P 500, a broad-based index, fell 1.4% to 4,229.45, and the tech-heavy Nasdaq Composite index declined 1.9% to 13,059.47.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
