Treasury yields surged as mixed corporate earnings and a resurgence in US home sales raised fears of sustained high US interest rates.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1%. Japan’s Nikkei fell 2%. Alphabet shares slid another 2% after hours and pulled Nasdaq futures down by nearly 1%. “If doesn’t stay below 5%, then I think it’s still going to be a very choppy market for both US and Asia,” he said. Australian shares fell to a one-year low, as stronger-than-expected third-quarter inflation data raised bets that the central bank might raise rates next month.
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