Asian Shares Tumble and Global Bond Sell-Off Deepens Amid US-Iran Tensions
· Business · The Independent, Financial Times
Asian stock markets tumbled on Wednesday following losses on Wall Street and an intensification of the global bond market sell-off. Tokyo's Nikkei 225 dropped 3% to 64,278.95, South Korea's Kospi lost 3.6% to 6,588.95, and Hong Kong's Hang Seng slipped 0.8% to 25,126.40. Oil prices advanced as military strikes between the US and Iran entered a new phase, keeping the vital Strait of Hormuz largely closed and pushing Brent crude to $95.56 per barrel. Meanwhile, the yield on the 10-year US Treasury rose to 4.80% amid elevated inflation and rising government debt. Japan's 10-year government bond yield also touched 3.02%, marking its highest level since 1996.
Why it matters
Escalating energy costs and rising global bond yields threaten to tighten financial conditions worldwide and pressure equity valuations.
Read the original report — The Independent
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