Asian shares decline as bonds extend selloff
Federal Reserve rate cuts.
Shares in Australia, Japan, and South Korea all fell, while futures for benchmarks in Hong Kong pointed to losses. That’s after equities in the US dropped from nearly overbought levels, following a relentless advance to all-time highs.
US 10-year yields jumped 11 basis points to 4.20% as traders price in a slower pace of monetary policy easing. Federal Reserve Bank of Kansas City President Jeffrey Schmid said he favors a slower pace of interest-rate reductions given uncertainty about how low the US central bank should ultimately cut rates. Australian and New Zealand bonds fell in early trading.
A multitude of factors are driving the bond selloff, including concerns over supply and better US economic data, Chris Weston, head of research at Pepperstone Group Ltd., wrote in a note. US election bets are also weighing on the market, with traders “front-running the risk of a ‘Red Sweep,’” he said, referring to the possibility of Republicans taking the White House and Congress.
“The trend higher is growing legs,” he said.
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