Asian markets tumble as US-Iran fighting lifts oil and bond yields
A bond market-induced panic on global markets spilled over into the region.
Asian markets suffered a sharp decline on September 2 as global financial markets spiraled into panic following renewed U.S.-Iran conflict and a surge in oil prices. MSCI’s Asia-Pacific index, which tracks shares outside Japan, fell by 0.8 percent in early trading, while South Korea's KOSPI dropped 3 percent and Japan's Nikkei 225 tumbled 2.2 percent.
U.S. bond yields soared, with the 10-year Treasury bond rising 0.4 basis point to 4.798 percent, and the U.S. dollar index holding steady near a two-week high of 99.67. The heightened uncertainty over inflation and potential interest rate hikes by the Federal Reserve weighed heavily on global equity markets. Gold prices remained flat at $4,328.59 per ounce, while Bitcoin and Ether both experienced slight declines.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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