HONG KONG — Asian shares retreated Friday as the prospect of a 5% yield on the 10-year U.S. Treasury for the first time since 2007 added to pressure on Wall Street.
China announced on Friday it was keeping its benchmark lending rates unchanged, with the one-year loan prime rate unchanged at 3.45% and the five-year LPR at 4.20%, in line with market expectations. As the reference point for much of the financial world, the 10-year yield helps set prices for all kinds of investments and loans.Rapidly rising bond yields have been squeezing Wall Street since the summer. The yield on the 10-year Treasury touched 4.99%, up from 4.91% late Wednesday, before paring its gain to 4.98%. Early Friday, the 10-year Treasury yield was 4.94%.
High yields hurt all kinds of stocks, but especially those bought on expectations for big growth far into the future. That’s often put the spotlight on Big Tech recently.
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