Stocks in Asia were lower overnight, following the global trend, with the Nikkei (^N225) fell 0.9% on the day in Japan, while the Hang Seng (^HSI) fell 0.6% in Hong Kong.
Yields on Japan’s longer maturity JGBs continued to be at multi-decade highs, following the global selloff in bonds and political uncertainty in the nation. Yields on 20-year government bonds are up 3.1bps to trade at 2.667%, a level last seen in 1999 while those on the 30-year are 4.1bps higher to 3.26%, its highest since its debut in 1999.
The Shanghai Composite (000001.SS) was 1.2% down by the end of the session and in South Korea, the Kospi (^KS11) added 0.4% on the day.
Across the pond on Wall Street the S&P 500 (^GSPC) lost 0.7%, and the tech-heavy Nasdaq (^IXIC) was 0.8% down, with the Mag-7 1.08% down as tech underperformed.
The Dow Jones (^DJI) fell 0.6% on the day, partially recovering after trading 1.5% lower intra-day. It was still a broadly weak day with more than three-quarters of its constituents losing ground.
It came as a second court hearing began yesterday on whether President Trump can be temporarily barred from dismissing Fed Governor Lisa Cook, though Bloomberg reporting suggests that there likely won’t be a ruling before the end of the week.
