Asian equities ended the week on sharp loss as volatility spiked in the market on inflation and growth fears.
Shares in Mainland China, Hong Kong, South Korea, Thailand and Japan sharply with the MSCI Asian Index ex Japan dipped by 0.12%.
Treasuries extended a tumble that’s lifted the benchmark yield past 3% and a dollar gauge neared a two-year high.
“Any upward pressure on the average hourly earnings could lead to another spike of U.S. yields and therefore add negative pressure on equities and especially tech stocks,” said Christophe Barraud, chief economist at Market Securities LLP in Paris as reported by Bloomberg.
Commodity prices remained elevated with the WTI trading around $110 a barrel and the Brent trading around $113 a barrel.