Global bonds fell, pushing yields to multi-decade highs, as concern over quicker inflation boosted bets on a Federal Reserve interest-rate hike this month. Oil climbed as geopolitical tensions flared. The Treasury 10-year yield climbed three basis points to 4.78%, the highest level since January 2025. Japan’s 10-year yield rose five basis points to a three-decade high of 2.99%, while its Australian counterpart hit the highest level since 2011. The yield on a Bloomberg gauge of global government debt advanced for a fourth straight day on Monday, rising to 3.72%, the highest since mid-2008. Bond yields climbed as traders boosted the odds of a September Fed rate hike to 74%, according to data compiled by Bloomberg based on swaps. The pricing was just 34% the day before Fed Chair Kevin Warsh spoke about reining in inflation at Jackson Hole on Friday. Brent crude advanced 0.8% to about $91.20 a barrel amid renewed fighting in the Middle East. The US and Iran exchanged strikes for the first time in about a month as American forces hit an island in the Strait of Hormuz and the Islamic Republic responded by launching attacks on the United Arab Emirates and Jordan. While bond yields and oil are rising, there was little spillover into the broader equity market. MSCI’s Asia Pacific equities gauge edged 0.3% higher, led by Taiwanese shares. MediaTek Inc. shares jumped 9.9% in Taipei trading after Nvidia Corp. said it’s investing $3.5 billion in the chipmaker. Investors are demanding greater compensation to hold bonds after years of heavy government spending, persistent inflation and a surge in corporate borrowing to finance the artificial-intelligence buildout. Warsh’s tough stance on price pressures has put added focus on this week’s US payrolls report for its potential impact on the interest-rate outlook. Elsewhere, Shein Global Holdings Ltd. shares fell as much as 10% in Hong Kong after raising HK$13.6 billion ($1.7 billion) in an initial public offering. Traders are also closely monitoring the yen as the currency traded near 160 versus the dollar, raising the risk that authorities may enter the market again to slow its decline. The yen has unwound more than half the gains it made during a record bout of intervention that began in late July. Separately, US Treasury Secretary Scott Bessent told Japanese Finance Minister Satsuki Katayama and Bank of Japan Governor Kazuo Ueda that further interest-rate hikes were needed, NHK reported, citing an interview with a US official. Bonds remained in focus. Not since 2006 have yields on the longest-maturity Treasuries been this high for this long, with a gaping budget deficit, another wave of corporate issuance and a potentially decisive Fed meeting expected to keep investors wary in coming weeks. The yield on the 30-year bond hit 5.34% in mid-August, its most elevated since 2007 and just 10 basis points away from the highest level in 22 years. As of Monday, the yield has settled above 5% on 55 days since the start of January, the most closes above that mark in any year since 2006, data compiled by Bloomberg show. The yield was at 5.27% on Tuesday. US After Hours EAF +5.3% after closing manufacturing facility; MTUS -3% and GBX -1.5% lower on CEO transitions.
Nikkei +0.19% Hang Seng -1.11% CSI +0.02% Kospi +0.15% Shanghai +0.08% Shenzen -0.37%
Eur$ 1.1605 CNH 6.7209 CNY 6.7210 JPY 159.83 GBP 1.3542 CHF 0.8098 RUB 86.3001 TRY 48.2782 WTI$ 86.72 +1.08% Gold 4,432 -0.05% BTC 78,628 -0.21% ETH 2,471.60 +0.09%
S&P +0.03% Nasdaq +0.03% EuroStoxx -0.09% FTSE -0.38% Dax -0.23% SMI +0.20%
Macro :
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