Stocks, bonds tumble over global rates angst

Singapore, May 30 (BNA): Asian stocks were a sea of red on Thursday and bonds slid on bets global interest rates would stay higher for longer.

The dollar rode U.S. Treasury yields higher while commodity prices came under pressure on renewed expectations that the Federal Reserve is unlikely to cut rates any time soon, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.2%, tracking a negative lead from Wall Street and extending its 1.6% decline from the previous session.

Japan’s Nikkei slumped 1.3%, while U.S. and European futures similarly fell. EUROSTOXX 50 futures eased 0.36% while S&P 500 futures declined 0.6%.

ZH