Thanks for joining me. An accelerating sell-off in US government bonds has spread havoc across Asia’s stock markets.
Equities have suffered a sharp downturn from Japan to South Korea, as well as in Hong Kong, Taiwan, Sydney and more.
It comes as US Treasuries extended losses in Asian trading, with yields on the 10- and 30-year notes jumping closer to 5pc.
5 things to start your day
1) Global stocks sink as US bond yields hit 2007 levels | Unexpected rise in US job openings sparks steep sell-off
2) Tory party treasurer calls for higher taxes on people living in most expensive houses | Lord Leigh calls for new council tax bands for mansions and penthouses
3) West Midlands mayor launches last-ditch attempt to rescue HS2 | Private funding proposed as Rishi Sunak expected to axe northern leg of troubled rail project
4) Restaurant tycoon ordered to rip out windows of £40m Kensington mansion | Ivy owner Richard Caring loses battle with local council over ‘incongruous and dominant windows’
5) Household gas bills expected to rise under heat pump rollout | Green levy shift to gas considered in effort to discourage traditional boiler use
What happened overnight
Asian markets were sharply lower after Wall Street tumbled amid surging bond yields caused by a surprisingly strong job market, triggering concerns that interest rates will stay high.
Tokyo’s Nikkei 225 index sank 2.2pc to 30,551.85 and the Kospi in South Korea dropped 2.3pc to 2,408.68.
Hong Kong’s Hang Seng skidded 1pc to 17,151.61. Troubled property developer China Evergrande was down 8.5pc after plunging 28pc on Tuesday.
Australia’s S&P/ASX 200 shed 1pc to 6,873.90. In Bangkok, the SET fell 0.2pc.
Wall Street stocks fell on Tuesday as US bond yields surged to 16-year highs amid fresh concerns that the Federal Reserve will need to keep interest rates higher for longer.
Stocks fell after a report showed US employers have many more job openings than expected. Expectations that interest rates will stay high are pressuring stocks as Treasury yields rise in the bond market.
The Dow Jones Industrial Average shed 430 points or 1.3pc to close at 33,002.38, its biggest one-day decline since March.
The broad-based S&P 500 dropped 1.4pc to 4,229.45, and the tech-heavy Nasdaq Composite index fell 1.9pc to 13,059.47.