By Gregor Stuart Hunter <\/p>\n
SINGAPORE, Sept 2 (Reuters) – Stocks slumped at the start of the Asian trading session on Wednesday as a bond market-induced panic \u200con global markets spilled over into the region, after renewed attacks by the U.S. \u200con Iran pushed oil prices higher. <\/p>\n
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.8% in \u200bearly trading as South Korea’s KOSPI dropped 3% on the open and Japan’s Nikkei 225 sank 2.2%. S&P 500 e-mini futures were flat. <\/p>\n
Brent crude futures extended gains into a second day as trading resumed in Asia, rising 0.7% to $95.34 a barrel after the U.S. launched \u200ca barrage of airstrikes on \u2060Iran on Tuesday, which earlier pushed oil prices to a five-week high. <\/p>\n
“The threat of further disruptions to the Strait of Hormuz has brought \u2060about renewed anxiety over inflation, driving a selloff in stocks across most major markets and a rout in global bond markets,” Westpac analysts wrote. <\/p>\n
The yield on the U.S. 10-year Treasury \u200bbond was \u200bup 0.4 basis point at 4.798% as the \u200bU.S. dollar index, which measures the \u200cgreenback’s strength against a basket of six currencies, held near the highest levels of the past two weeks at 99.67. <\/p>\n
Overnight on Wall Street, the S&P 500 slipped 0.7% and the Nasdaq Composite fell 1% as a surge in government bond yields weighed on equities. <\/p>\n
The declines came as data from the Institute for Supply Management released on Tuesday \u200cshowed U.S. manufacturing activity moderated in August amid a \u200bslowdown in new orders, but remained in expansionary \u200bterritory. <\/p>\n
Traders believe that the Federal Reserve \u200bis likely to lift interest rates at its next meeting in \u200ctwo weeks, though a hike is not \u200bcertain. <\/p>\n
Fed funds futures are \u200bpricing an implied 67% probability of a 25-basis-point increase to benchmark borrowing costs at the U.S. central bank’s two-day meeting ending on September 16, compared to a \u200b39.6% chance a week \u200cago, according to the CME Group’s FedWatch tool. <\/p>\n
Gold was flat at $4,328.59 an ounce, \u200bwhile bitcoin slipped 0.2% to $77,246.57 and ether was 0.3% lower at $2,412.60. <\/p>\n
(Reporting by \u200bGregor Stuart Hunter; Editing by Jamie Freed) <\/p>\n","protected":false},"excerpt":{"rendered":"By Gregor Stuart Hunter SINGAPORE, Sept 2 (Reuters) – Stocks slumped at the start of the Asian trading…\n","protected":false},"author":2,"featured_media":273983,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[74676,178,13369,74678,34,74317,351,74680,74679,683],"class_list":["post-273982","post","type-post","status-publish","format-standard","has-post-thumbnail","category-iran","tag-0-7","tag-asia-pacific","tag-cme-group","tag-gregor-stuart-hunter","tag-iran","tag-jamie-freed","tag-reuters","tag-sept-2","tag-stuart-hunter","tag-u-s"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/117198902061840791","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/273982","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=273982"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/273982\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/273983"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=273982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=273982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=273982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}