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Asian markets have slumped across the board amid a global rout in the bonds triggered by fear interest rates will stay higher for longer.
Tokyo and Seoul led the selloff, both falling around 2pc, while Hong Kong, Taipei, Jakarta, Singapore, Sydney and Wellington were all sharply lower in a sea of red.
It comes as the US Treasury market, the bedrock of the global financial system, experiences a sharp sell-off, sending government borrowing costs surging.
US Treasuries extended losses in Asian trading, with yields on the 10-year and 30-year notes jumping closer to 5pc, their highest levels in 16 years,.
In Germany, they touched their highest since the 2011 eurozone debt crisis and even in Japan, where official rates are still below 0pc, bond yields are back at levels seen in 2013.
Read the latest updates below.
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