Asian shares drop on surging yields, oil selloff

19.03.2021 - Kulakov Vladimir
Asian shares drop on surging yields, oil selloff

Asian share markets performed weakly on Friday as an increase in U.S. bond yields dampened investors’ enthusiasm toward technology stocks. Moreover, a selloff in crude heavily dragged oil prices to their lowest levels in months.

MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.5% drop. This came after Wall Street’s choppy trade sent Japanese and South Korean shares down 0.7% and 1% respectively. Futures for the Nasdaq dropped 0.1%, while S&P 500 e-minis traded 0.2% higher.

Yields on U.S. 10-year notes reached a historic peak, and this would only strengthen the Federal Reserve’s stance of keeping its ultra-low interest rates until inflation accelerates.

Brent crude futures continued their downswing after a 7% decline seen overnight. U.S. crude, on the other hand, fell 35 cents to $59.65. This might put an end to a five-month rally as the decline erased four weeks of gains in just one session.

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