Asian Stocks Weather Bond Storm Amid Rate Hike Fears

Asian stock markets remained steady despite a bond market selloff that pushed US yields to two-decade highs, raising borrowing costs worldwide and threatening equity valuations.

The return of oil above $100 a barrel has revived inflation fears, bolstering bets on multiple Federal Reserve rate hikes after its first move in more than three years.

The MSCI's broadest index of Asia-Pacific shares outside Japan was flat, with most markets including Chinese mainland, Taiwan, and South Korea closed for a holiday.

Japan's Nikkei rose 1%, while Australia's resources-heavy shares fell 0.6%. Hong Kong's Hang Seng index skidded 1%.