Asia Stocks to Follow US Slide as Fear Gauge Rises: Markets Wrap

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(Bloomberg) -- Asian shares are set to follow a slump in their US peers after employment data bolstered the case for the Federal Reserve to keep interest rates elevated and pushed up Treasury yields to new multi-year highs. Most Read from BloombergKey Taiwan Tech Firms Helping Huawei With China Chip PlantsWhy a US Recession Is Still Likely — and Coming SoonWall Street Fear Gauge Ratchets Up After Jobs Data: Markets WrapKevin McCarthy Ousted as US House Speaker by Republican DissidentsAirbnb Is F

-- Asian shares are set to follow a slump in their US peers after employment data bolstered the case for the Federal Reserve to keep interest rates elevated and pushed up Treasury yields to new multi-year highs.Airbnb Is Fundamentally Broken, Its CEO Says. He Plans to Fix It.

Australia and New Zealand sovereign bonds dropped from the open. New Zealand’s central bank is forecast to keep interest rates on hold later Wednesday but policymakers may leave the door open to another increase if needed to tame inflation. China is in the midst of a week-long holiday. Comments from other Fed policymakers were also hawkish, with Cleveland Fed president Loretta Mester saying on Monday that one more rate hike was likely needed and Governor Michelle Bowman urging multiple increases.

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