A selloff in Asian shares deepened, as investors fretted over higher Treasury yields and escalating tensions in the Middle East.
Oil’s rally Wednesday came as Iran intensified its rhetoric against Israel after an explosion at a Gaza hospital that complicated diplomatic efforts to rein in the Middle East conflict. United Airlines Holdings Inc. tumbled almost 10% after warning the Israel-Hamas war and higher jet fuel costs would weigh on earnings. UK Prime Minister Rishi Sunak is set to visit Israel on Thursday.
The Aussie dollar edged lower following soft jobs data. Elsewhere, the Malaysian ringgit fell to a 25-year low weighed partly by the dollar’s recent gains. Treasury yields remain at multidecade highs with Fed Governor Christopher Waller noting policymakers can wait and gather more data before deciding if the economy needs further monetary restraint. ADVERTISEMENT CONTINUE READING BELOW “A reiteration of the ‘higher for longer’ message on interest rates may allow US yields to stay at or above their current levels and keep the dollar supported,” said Carol Kong, a strategist at Commonwealth Bank of Australia.
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