HONG KONG — A sell-off in global sovereign bonds pushed Asian stocks to two-week lows on Wednesday as investors worried it might trigger profit-taking in other asset classes, while the US dollar stayed on the back foot dogged concern about the trade deficit.Bonds have been among the best-performing asset classes in recent years thanks to the unconventional policy easing steps taken by global central banks, but signs are emerging that investors are tired of chasing ever-shrinking yields.As bond yields rose sharply from Germany to Australia in recent days, stock markets began to flounder.An index of Asian shares have fallen 3% after hitting a more than seven-year high on April 29. On Wednesday, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.3%, while Australian stocks fell 1.5%. Market participants struggled to make sense of the simultaneous sell-off in eurozone and US debt markets and global equities, alongside the rise in commodities.The churn appeared to have ...
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