Asian Markets Mixed Amid Global Bond Sell-Off and Oil Price Drop

Asian markets are mixed after a global bond sell-off and drop in oil prices. The U.S. Treasury yields have reached their highest level in years, with the yield on the 10-year Treasury reaching around 5.19% early Friday.

The global bond market has seen another sell-off, causing pressure on the stock market. This is due to investors demanding higher compensation under increasing risks and uncertainties, including growing inflationary pressure from the Iran war-driven energy shock and rising U.S. government debt.

Oil prices have also fallen early Friday as investors look for signs of the reopening of the Strait of Hormuz. Brent crude dropped 1.4% to $98.84 per barrel, remaining below the $100 mark but still above the roughly $72 a barrel level in late February before the start of the war.