Asian Shares Plummet Amid Bond Market Pressure Ahead of Jackson Hole
Asian shares were mostly lower on Monday as bond market pressure mounted, with investors watching for signals from Federal Reserve Gov. Kevin Warsh regarding rates and other policies at the annual gathering of US economic leaders in Jackson Hole.
The Nikkei 225 fell 0.7% to 65,528.09 in Tokyo, while South Korea's Kospi lost 3.1% to 6,696.96. The Hang Seng in Hong Kong declined 1.8% to 25,555.11 and the Shanghai Composite index gave up 0.6% to 3,882.01.
Australia's S&P/ASX 200 bucked the regional trend, gaining 0.5% to 9,103.10.
The bond market has been volatile in recent days, with rising yields forcing the US Treasury Department into an unusual intervention last week and raising concerns that investors might be thinking twice about financing government borrowing.
US futures also edged lower on Monday, while oil prices slipped at the outset of a week capped by the Jackson Hole gathering.