Asia stocks spooked by spike in global bond yields, crude oil sell-off
SYDNEY (Reuters) – Asian share markets eased on Friday as a spike in global bond yields soured sentiment toward richly priced tech stocks, while a stampede out of crowded positions in crude oil caused the sharpest setback in months.
Having plunged 7% overnight, Brent crude futures were down another 38 cents at $62.90 a barrel, while U.S. crude shed 35 cents to $59.65. [O/R]
The retreat wiped out four weeks of gains in a single session and might mark the end of a five-month bull run.
Equities were also choppy as a pullback on Wall Street knocked Japan’s Nikkei down 0.7% and South Korea 1%. MSCI’s broadest index of Asia-Pacific shares outside Japan followed with a fall of 0.5%.
