Asian shares hit 11-month low on Middle East anxiety, surging yields

The market’s fragile sentiment followed Tesla’s 9% slump following dismal earnings and Elon Musk’s consumer demand warning.

A much-watched speech overnight from Federal Reserve Chair Jerome Powell led to a choppy market response, although most investors leaned further into bets that the Fed will extend its rate pause in November. Sentiment is also fragile after Tesla shares dropped 9% after its quarterly results disappointed, with a warning about consumer demand from Elon Musk sparking a sell off in EV stocks.

“World leaders continue to trek to the Middle East to – if nothing else — delay the onset of any further hostility,” said Kyle Rodda, senior financial market analyst at capital.com. Oil prices are headed for the second weekly gain on supply fears from an escalating regional conflict in the Middle East. US crude jumped 1% to US$90.33 per barrel and Brent was at US$93.2, up 0.8% on the day.

Source: Loan Digest (loandigest.net)

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