Tokyo — Most Asian stock markets fell on Thursday as upbeat economic data strengthened the prospect for higher US interest rates, while the dollar’s bull run continued as US bond yields hovered near multiyear highs. Japanese stocks swam against the tide and rose to an almost 11-month high as the yen weakened and after Wall Street shares closed at record highs overnight. The dollar index against major currencies rose nearly 0.2% to 101.84, not far from 101.91 touched overnight, its highest since March 2003. The greenback drew support from a further rise in US treasury yields. The two-year yield hit its highest levels since April 2010 on Wednesday as the market continued to bet that the Trump administration will increase debt-funded spending and spur higher growth and inflation. Such a view — which has also lifted the expectation for more interest rate hikes by the Federal Reserve next year — was reinforced on Wednesday by data that showed new orders of US manufactured capital goods r...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.