Stocks, bonds slump over global rates angst

SINGAPORE - Asian stocks were a sea of red on Thursday and bonds slid on bets global interest rates would stay higher for longer, as investors looked to key inflation readings at the end of the week for further clues on the future path of monetary policy.

"Hotter and stickier than expected global inflation appears to be taking the air out of asset markets," said Vishnu Varathan, chief economist for Asia ex-Japan at Mizuho Bank."Equities slid and bonds swooned, and USD swaggered." The main highlight of the week for markets, however, is Friday's U.S. core personal consumption expenditures price index report - the Federal Reserve's preferred measure of inflation. Expectations are for it to hold steady on a monthly basis.

U.S. Treasury yields meanwhile stayed elevated on Thursday, in part due to a weak debt auction the previous day. The benchmark 10-year yield was last at 4.6197%, while the two-year yield steadied at 4.9830%.Japanese government bond yields similarly notched fresh multi-year peaks, on growing expectations that further rate hikes from the Bank of Japan could be imminent.Elsewhere in Asia, Chinese blue chips eased 0.

"This was not the inflation report the Reserve Bank of Australia would have wanted to see," said Rob Carnell, ING's regional head of research for Asia Pacific.

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