Asian Markets Mixed as Oil Prices, Bond Yields Weigh
Asian stock markets traded mixed on Thursday as investors weighed oil prices, US bond yields, and currency fluctuations. The Nikkei 225 in Japan rose 1.3% to 65,883.41 due to gains among chipmakers related to artificial intelligence. In contrast, Australia's S&P/ASX 200 fell 0.7%, while Hong Kong's Hang Seng Index declined 0.5%. The Shanghai Composite slipped 0.8%.
The US Treasury yield on the 10-year bond rose to 5.10% from 4.96%, putting pressure on Wall Street. The S&P 500 fell 0.8%, and the Dow Jones Industrial Average dropped 352 points, or 0.7%. The Nasdaq composite fell 1.1% from its record level.
The weak US dollar was also of interest, with the yen slipping to 157.94 yen from 158.30 yen. This is a concern for Japan as it relies heavily on imported oil, particularly when global energy prices are high. The Federal Reserve raised its short-term interest rate last week for the first time in three years, citing elevated inflation.