Asian stocks step back from record highs on rising bond yields, weak U.S. data

Asian stocks pulled back from all-time peaks on Friday as higher longer-dated bond yields and underwhelming U.S. data dented investor confidence in a faster economic recovery from the COVID-19 pandemic, while gold hit a seven-month trough.

Core bond yields have pushed higher globally led by the so-called"reflation trade" where investors wager on a pick-up in growth and inflation. Successful coronavirus vaccine roll-outs so far and hopes of massive fiscal spending under U.S. President Joe Biden have spurred reflation trades. While rising yields weighed on investor sentiment,"disappointing U.S. jobless figures didn't help the cause either," Catril added.

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