SINGAPORE - Asian shares slid on Thursday as risk aversion prevailed in the market due to mounting worries over Middle East tensions, while gold prices stayed near two-month peaks with investors seeking safer assets.
Anderson Alves, a trader with ActivTrades, said Asian equity markets were cautious, "spurred by traders adjusting their expectations for a lesser likelihood of a rate cut, increasing long-term yields, and mounting geopolitical uncertainties." "Such uncertainties could trigger defensive stances in Asia's short-term risk asset demand, especially as observers keep a vigilant eye on potential ripple effects," said Alves.U.S. stocks ended sharply lower on Wednesday as elevated Treasury yields weighed, with investors assessing the latest batch of quarterly corporate results and forecasts.
Meanwhile, Federal Reserve policymakers are signalling a pause in hiking interest rates for another couple months. The yield on 10-year Treasury notes was up 5.1 basis points to 4.953%. The yield on the 30-year Treasury bond was up 3.8 basis points to 5.032%. There are 2 signs that stock market euphoria is mirroring past bubbles and could end badly for investors
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