It’s not been a goods start to the week for Asian stocks, mirroring the selloff seen in Europe and North America on Friday.
Here’s the scoreboard as at 2.30pm AEDT.
Australia ASX 200 6020.30 , -1.65%
NZ NZX 50 8285.22 , -1.55%
Japan TOPIX 1824.07 , -2.15%
Shanghai Comp 3456.35 , -0.17%
Shenzhen Comp 1805.54 , -0.88%
HK Hang Seng 31998.88 , -1.85%
Sth Korea KOSPI 2485.48 , -1.58%
Sinagpore STI 3484.60 , -1.28%
Taiwan TAIEX 10907.1 , -1.97%
Philippines PSI 8566.68 , -2.77%
Indonesia JKSE 6570.75 , -0.88%
Malaysia KLCI Index 1849.52 , -1.12%
Thailand SET 1808.61 , -1.03%
S&P 500 Futures 2744.5 , -0.44%
It’s a sea of red across the region with many markets experiencing falls of 1.5% or more.
S&P 500 futures — after plunging more than 2% on Friday — are also down by a further 0.44%, suggesting that there may be further losses to come when physical trade resumes later in the session.
Now, as was the case late last week, the selling pressure stems from a lift in global bond yields, spurred in part by a noticeable acceleration in US hourly wage growth in January.
Given the implications for inflationary pressures, it’s seen some begin to speculate that the US Federal Reserve may increase interest rates more than three times this year as markets currently expect.
Currently, the yield on benchmark 10-year US Treasuries sits at 2.86%, the highest level since late 2013.