Economic news

Asian shares take turn for worse after bond selloff

Asian stocks were moving in the red territory in morning deals on Thursday after bond selling pushed benchmark U.S. Treasury yields to their top since 2011.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares slumped 1.7 percent, with South Korea, the Philippines, Indonesia and Taiwan all declined.

Japan's Nikkei sank 0.3 percent, as rising yields offset the support to shippers from a weaker yen.

Hong Kong’s Hang Seng Index tumbled 1.7 percent, led by China's companies, as JPMorgan downgraded outlook for the mainland.

South Korea’s benchmark dipped more than 1 percent, while Australian stocks surged 0.5 percent.

Crude prices have breached four-year highs as the investors turned their attention on upcoming U.S. sanctions on Iran. Brent lost 17 cents to $86.12 per barrel on Thursday, while U.S. WTI slid 15 cents to $76.26.

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