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Rising U.S. bond yields hit global markets, Asian stocks fragile


Added 10-04-18 10:03:02pm EST - “Asian shares were fragile on Friday after benchmark U.S. Treasury yields surged ...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Rising U.S. bond yields hit global markets, Asian stocks fragile”. Below is an excerpt from the article.

TOKYO (Reuters) - Asian shares were fragile on Friday after benchmark U.S. Treasury yields surged to a seven-year high and strong economic data fanned concerns about inflation and the risk of faster-than-expected interest rate rises.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3 percent, while Japan’s Nikkei dropped 0.5 percent and Australian benchmark was up just 0.1 percent.

The yield on the benchmark 10-year note hit a fresh seven-year high of 3.232 percent overnight following data released the previous day that was seen as increasing the odds a Friday payrolls report would also be stronger than expected.

Wall Street stocks, in turn, have fallen broadly on Thursday, with the Dow suffering its first decline in six sessions and both the S&P 500 and Nasdaq seeing their worst day since June 25.

The Dow Jones Industrial Average fell 0.75 percent, while the S&P 500 lost 0.82 percent and the Nasdaq Composite dropped 1.81 percent.

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