US Treasury Yield Tops 5% Amid Inflation Pressure and Oil Price Surge

The yield on the 10-year U.S. Treasury note reached its highest level since July 2007, topping 5% in intraday trading.

This surge coincided with a sharp increase in oil prices after a shipping route used to bypass Saudi Arabia was closed.

The rising pressure on inflation has strengthened the case for a Federal Reserve rate hike.

The KOSPI fell for a fourth consecutive session, dropping 57.11 points to 6,627.26.

Semiconductor shares were broadly weak, but secondary battery names led modest gains in the KOSDAQ stocks.