Rising US bond yields hit global markets, Asian stocks fragile

TOKYO (Oct 5): Asian shares were fragile on Friday after benchmark US Treasury yields surged to a seven-year high and strong economic data fanned concerns about inflation and the risk of faster-than-expected interest rate rises.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.3%, while Japan’s Nikkei dropped 0.5% and Australian benchmark was up just 0.1%.

The yield on the benchmark 10-year note hit a fresh seven-year high of 3.232% overnight following data released the previous day that was seen as increasing the odds a Friday payrolls report would also be stronger than expected.

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