SINGAPORE : Asian stocks slid on Friday to cap a torrid first week of the quarter for financial markets, with the dollar standing tall and bonds crumbling as the resilience of U.S. jobs data has investors bracing for interest rates to head higher still.
Ten-year yields steadied in Asia at 4.04 per cent after rising more than 17 basis points in two sessions, but regional markets were under pressure as selling wrapped around the globe, stopping out investors who had positioned for a peak in rates. "Are we starting to price in the idea that there should be a higher term structure of rates? Maybe there has to be some reassessment given the resilience of a lot of economies to higher rates so far."Private U.S. payrolls jumped 497,000 last month, the ADP National Employment report showed on Thursday, against expectations for a 228,000 increase.
The euro is down 0.2 per cent on the week at $1.0890. The yen actually rose on Thursday and is hovering at 143.70 to the dollar.
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