(Bloomberg) -- Asian equities fell with Dow Jones Industrial Average futures tumbling almost 1 percent as the biggest rout for global stocks in two years and surging government bond yields kept investors questioning the speed of monetary policy tightening. The dollar extended gains.
Equity indexes in Australia and New Zealand sank at least 1 percent, while futures on the S&P 500 Index were 0.7 percent lower and losses were expected in Japan and Hong Kong. The gauge of U.S. shares tumbled 2.1 percent Friday and the 10-year Treasury yield rose above 2.85 percent following solid jobs data showing rising wages and a hint from Dallas Fed President Robert Kaplan that the Federal Reserve may need to lift interest rates more than three times this year.
Anxiety about the outlook for monetary policy is reaching fever pitch with equities being tested by the surge in bond rates -- yields on 10-year Treasuries have climbed to a four-year high from 2.40 percent at the start of the year. Last week’s decline for global stocks follows one of the best starts to a year on record amid hopes for ever-expanding corporate profits and growth in the world economy that’s broadening.
Elsewhere, Bitcoin extended losses over the weekend, heading toward $8,000.
Terminal users can read more in our markets blog.
Here are some key events scheduled for this week:
These are the main moves in markets:
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