Tech-led declines in Asia stocks, rising inflation data, bond yields, and dollar

From NASDAQ.:

Asian stocks fell on Friday following Wall Street’s tech-led declines and hotter-than-expected U.S. inflation data. U.S. bond yields hit 4.3%, the dollar rose, and crude oil slipped after breaching $85. Bitcoin neared its all-time high. Rising producer prices saw futures markets reducing odds of a June interest rate cut and the 10-year Treasury yield jumping by more than 10 basis points.

The dollar index rose to 103.45 as price pressures persisted. Long-term yield spikes raised concerns for the tech sector. U.S. stock futures were down with a chip-sector sell-off impacting Asian markets. Hong Kong’s Hang Seng and South Korea’s Kospi fell, while Chinese blue chips remained steady. Japan’s Nikkei eased as signs of easing stimulus emerged at the Bank of Japan’s upcoming meeting.

The yen’s strength waned against the dollar, which gained to 148.48 yen. The euro slid to $1.08765, while bitcoin climbed back toward its record high. MicroStrategy announced plans to buy bitcoin again. Oil prices dipped amid profit-taking, following sharp gains driven by supply disruptions and demand forecasts. Brent crude fell to $85.01, and U.S. WTI crude dropped to $80.94.



Read more at NASDAQ.: GLOBAL MARKETS-Tech pulls down Asia stocks, dollar gains on inflation data