HK, regional stocks retreat as Gulf heats up again
Selling drove global bond yields to major new highs on Tuesday as renewed fighting in the Middle East lifted oil prices above US$90 a barrel and put pressure on stock markets around the world. In Hong Kong, the benchmark Hang Seng Index opened down 151 points, or 0.59 percent, at 25,415. The China enterprises index fell 53 points, or 0.63 percent, to 8,459 while the tech index lost 28 points, or…
Global bond yields reached record highs on Tuesday as fighting in the Middle East and rising oil prices sparked a sell-off in regional stock markets. Hong Kong's Hang Seng Index fell 0.59 percent to 25,415, while the China Enterprises Index dropped 0.63 percent to 8,459. The tech index also declined 0.62 percent to 4,591. In Shanghai, the Composite Index dipped 0.16 percent to 3,979, and the Shenzhen Component Index rose slightly to 14,017.
The Nikkei in Tokyo was down 0.64 percent at 65,885 before lunch, and Seoul's Kospi opened down 0.52 percent at 6,784. The 10-year US Treasury yield hit a near 20-month high of 4.78 percent, while Japan's 10-year benchmark approached 3 percent. Rising tensions between the US and Iran, along with concerns about inflation, are adding to worries about the economic outlook.
Wee Khoon Chong, an APAC Macro Strategist at BNY, noted that the combination of hawkish monetary policy, geopolitical risks, and inflation concerns is putting upward pressure on long-term yields.
Written by urgent.news from RTHK News - Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
