Asian stock markets trade lower; yields slide further
Asian stock markets were trading lower on Monday with Japanese shares heading for their biggest decline of 2019 and US futures suggesting further declines on Wall Street. Bond yields plumbed fresh lows.
Equity gauges fell more than 2% in Tokyo and Hong Kong, and 1% in Sydney, Shanghai and Seoul. Australia’s 10-year bond yield recorded an all-time low and Japan’s hit the lowest since September 2016, when the Bank of Japan overhauled policy to focus less on asset purchases. A closely watched gauge of Treasuries has inverted for the first time since 2007, combining with poor European PMI readings on Friday to deepen recession worries.
The Turkish lira recouped some of its Friday slump, which followed Turkey’s banking regulator starting an investigation into JPMorgan Chase & Co. and another probe of unspecified banks for stoking the currency’s plunge.
Equity gauges fell more than 2% in Tokyo and Hong Kong, and 1% in Sydney, Shanghai and Seoul. Australia’s 10-year bond yield recorded an all-time low and Japan’s hit the lowest since September 2016, when the Bank of Japan overhauled policy to focus less on asset purchases. A closely watched gauge of Treasuries has inverted for the first time since 2007, combining with poor European PMI readings on Friday to deepen recession worries.
The Turkish lira recouped some of its Friday slump, which followed Turkey’s banking regulator starting an investigation into JPMorgan Chase & Co. and another probe of unspecified banks for stoking the currency’s plunge.
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