Asian equities and currencies sank after a spike in US Treasury yields tested investors’ nerves for equity valuations as Federal Reserve monetary tightening rolls on. The yen, befitting its haven status, headed higher.
Shares in Hong Kong and South Korea retreated. Stronger- than-anticipated reports on US services and private-sector payrolls helped drive 10-year Treasury yields up the most in more than a year, to the highest level since 2011. Japanese bond yields advanced past a point that previously prompted Bank of Japan intervention. Futures on the S&P 500 Index slipped.
China’s yuan fell below the closely watched 6.9 per dollar level in offshore trading. Ten-year Japanese government bond yields climbed past 0.15%, toward the upper end of the BOJ’s tolerance zone of plus or minus 0.2%. The yen’s drop to its weakest in a year against the dollar earlier Thursday gave the BOJ less of an incentive to buy bonds, however.
Shares in Hong Kong and South Korea retreated. Stronger- than-anticipated reports on US services and private-sector payrolls helped drive 10-year Treasury yields up the most in more than a year, to the highest level since 2011. Japanese bond yields advanced past a point that previously prompted Bank of Japan intervention. Futures on the S&P 500 Index slipped.
China’s yuan fell below the closely watched 6.9 per dollar level in offshore trading. Ten-year Japanese government bond yields climbed past 0.15%, toward the upper end of the BOJ’s tolerance zone of plus or minus 0.2%. The yen’s drop to its weakest in a year against the dollar earlier Thursday gave the BOJ less of an incentive to buy bonds, however.
PREMIUM FUTURE CALL:
BUY BANKBARODA ABOVE 105 TARGETS 106 / 107.50 / 110 STOPLOSS 103.70
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