Stocks slide on unease over jump in bond yields

Sydney Morning Herald11-13

Asian stocks have slumped as a sharp rise in US bond yields unnerved investors ahead of key inflation data that could inform the pace of Federal Reserve policy easing.Short-term Treasury yields jumped...

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It last traded at around $US88,195 ($A134,991).Commodities were broadly weaker as traders worried about the outlook for key consumer China, which stands to bear the brunt of Trump's threatened trade tariffs. Stimulus announcements from Beijing so far have failed to stir much optimism over an economic revival.Hong Kong's Hang Seng slid 0.9 per cent as of 0147 GMT, with a subindex of mainland Chinese property stocks slumping 1.3 per cent. China's blue chips were flat.Japan's Nikkei and South Korea's Kospi sagged 1.1 per cent and 1.2 per cent, respectively, while Australia's stock benchmark fell 1.1 per cent under the weight of commodity shares.US S&P 500 futures also pointed about 0.1 per cent lower following a 0.3 per cent decline overnight.The two-year Treasury yield stood at 4.34 per cent after leaping to 4.367 per cent on Tuesday for the first time since July 31.The 10-year yield hovered around 4.43 per cent, not far from the four-month high of 4.479 per cent reached a week ago in the immediate aftermath of Trump's sweeping victory.The dollar edged up to as high as 154.94 yen for the first time since July 30 before last changing hands at 154.56 yen.That put the currency pair, which tends to track long-term US yields, on the cusp of the 155 yen per dollar level that many market participants consider a trigger point for verbal intervention by Japanese authorities.Japan's finance ministry currency czar Atsushi Mimura said last week that officials \"are ready to take appropriate actions if necessary when excess moves are seen\".The US dollar index - which measures the currency against the yen, euro and four other top rivals - stood at 105.92, not far from Tuesday's high of 106.17, the strongest level since May 1.Traders currently lay 60 per cent odds for the Fed to cut rates by a quarter point on December 18 at the conclusion of its next policy meeting, according to CME Group's FedWatch Tool. A week earlier, the probability was 77 per cent.A hot reading of the US consumer price index later in the day could see those odds reduced further, with economists projecting a 0.3 per cent monthly rise in the core gauge.The euro changed hands at $1.0625, after dipping to $1.0595 overnight, a one-year trough.Europe, like China, is seen as hurting more under Trump tariffs, with the incoming US President previously saying the bloc would \"pay a big price\" for not buying enough US exports.Copper prices slumped two per cent to the lowest in two months on Tuesday on the London Metal Exchange.Crude oil continued to wallow near the lowest levels this month after OPEC on Tuesday cut its forecast for global oil demand growth this year and next, highlighting weakness in China and some other regions.Brent futures edged up 0.2 per cent to $US72 ($A110) a barrel, while US West Texas Intermediate (WTI) crude added 0.2 per cent to $US68.26 ($A104.48), not straying far from Tuesday's lows, which were the weakest levels since Oct. 30.Gold attempted to find its feet, rising 0.4 per cent to around $US2,607 ($A3,990) per ounce, following its slump to a nearly two-month low of $US2,589.59 ($A3,963.62) in the previous session, pressured by dollar strength.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483564014"}