Asian stocks hit 11-month lows on higher-for-longer rate worries

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Markets dominated by tech firms and dependent on financing are at risk with rising borrowing costs.

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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