Asian stocks slump after renewed US-Iran attacks
Stocks slumped in Asian trading on Wednesday as a bond market-induced selloff on global markets spilled over into the region, after renewed attacks by the US on Iran pushed oil prices higher. In Hong Kong, the benchmark Hang Seng Index lost 48.91 points, or 0.19 percent, to open at 25,280. Across the border, the benchmark Shanghai Composite Index slipped 0.42 percent to open at 3,963. The…
Asian stocks plunged on Wednesday as renewed US-Iran attacks sent oil prices soaring, causing a bond market sell-off that rippled across the region. In Hong Kong, the Hang Seng Index fell 0.19 percent, while China's Shanghai Composite and Shenzhen Component indices each dropped 0.42 percent and 1.01 percent, respectively. Major indices from South Korea and Japan also experienced declines, with the KOSPI falling by more than three percent and the Nikkei 225 down 2.6 percent.
S&P 500 e-mini futures experienced a slight decrease, while Brent crude futures continued to rise, reaching a two-day high of $95.91 a barrel. The threat of further disruptions to the Strait of Hormuz has fueled concerns over inflation, leading to a sell-off in stocks and bonds worldwide. The yield on the US 10-year Treasury bond reached a three-year high of 4.8122 percent, while the yield on the five-year Japanese government bond hit a record high of 2.295 percent.
As the bond rout persists, analysts warn that policymakers may need to take more aggressive measures to control yields, potentially leading to a volatile month ahead.
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.
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