Asian stocks followed Wall Street’s lead on Thursday, dipping across the board as investors interpreted the U.S. Federal Reserve’s latest policy statements as signalling higher-for-longer interest rates.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.4% by early afternoon Hong Kong time. Japan’s Nikkei (.N225) slid 0.6%. China’s blue-chip (.CSI300) dipped 0.6%, while Hong Kong’s benchmark shed 1.3%.
The yield on two-year U.S. Treasury notes rose to a 17-year high of 5.1970% on Thursday morning and hovered around the 5.18% level by early afternoon.
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