Asian shares mostly decline as bond market pressure mounts
Summary
Asian stock markets mostly fell on Monday, with Japan’s Nikkei and South Korea’s Kospi dropping, while Australia’s market rose slightly. U.S. bond yields rose again despite efforts by the Treasury Department to lower them, adding concerns about possible higher borrowing costs and impacting global markets ahead of important U.S. inflation data and a key economic meeting in Jackson Hole.Key Facts
- Japan’s Nikkei 225 index fell by 0.5% to 65,678.45.
- South Korea’s Kospi dropped 3.5% to 6,664.36.
- Hong Kong’s Hang Seng declined 2.1%, and Shanghai’s index fell 0.7%.
- Australia’s S&P/ASX 200 rose 0.5% to 9,107.40.
- U.S. inflation remains above 3%, higher than the Federal Reserve’s 2% target.
- Rising U.S. bond yields led the Treasury to increase bond buybacks to try to lower long-term interest rates.
- The 10-year U.S. Treasury yield was at 4.71%, near its highest level in over a year.
- Investors await a key inflation report on U.S. personal consumption expenditures and a Federal Reserve speech at Jackson Hole for economic signals.
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