TOKYO : Asia's share markets struggled on Wednesday as U.S. Treasury yields hit fresh two-year highs and a global technology stock sell-off unsettled investors worrying about inflation and bracing for tighter U.S. monetary policy.
Australia lost half a percent, while Japan's Nikkei slid 1.8per cent as technology stocks fell and worries over new curbs on businesses to halt a record surge in coronavirus cases curbed risk appetite. "There's probably money rotating out of the United States as there's such a concentrated pool of capital in U.S. equities, specifically in technology companies," said Chris Weston, head of research at brokerage Pepperstone.The prospect of higher U.S. rates continued to play out in fixed income markets, with benchmark U.S. Treasury yields at fresh two-year highs.
"Another surge in oil prices and ongoing repricing of Fed hike expectations are themes playing in the rates space with the U.S. dollar broadly stronger, benefiting from the combination of higher U.S. Treasury yields and spike in risk aversion," he added.
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