Stock market today: Asian markets slip as rising yields in the bond market pressure stocks

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Shares have fallen in Asia after a retreat on Wall Street as the vise tightened from rising yields in the bond market. Hong Kong's benchmark dropped more than 2% as investors were disappointed by the latest Chinese economic data. U.S. futures edged higher and oil prices advanced. On Thursday, the S&P 500 lost 0.6% and the Dow shed 0.5%.

A currency trader passes by the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Friday, Oct. 13, 2023. Asian markets slipped on Friday following a decline in Wall Street driven by mounting pressure from rising bond market yields.

Japan’s Nikkei 225 index fell 0.6% to 32,293.69. Australia’s S&P/ASX 200 lost 0.5% to 7,053.80. Taiwan’s Taiex slipped 0.4%, and the SET in Bangkok gave up 0.7%. Another report said slightly fewer U.S. workers applied for unemployment benefits last week than expected. That indicates a job market with few layoffs and a stronger economy. But it could also be adding upward pressure on inflation.

 

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