Hang Seng Index retreats amid bond selloff
Asian shares held their nerve on Friday as a relentless bond selloff pushed longer-dated US yields to two-decade highs, raising borrowing costs worldwide and threatening lofty equity valuations. In Hong Kong, the benchmark Hang Seng Index opened down 237 points, or 0.96 percent, at 24,523. The tech index was 42 points, or 0.99 percent, lower at 4,318 while the China Enterprises Index fell 93 points, or 1.13 percent, to 8,172. With mainland and South Korean bourses closed for the autumn festivals, the Nikkei in Tokyo opened up 125 points, or 0.19 percent, at 65,639 before climbing strongly to be 807 points higher at one stage before lunch. Risk assets are being squeezed by a dramatic selloff in global bonds, as inflation worries and fiscal strains push investors to demand ever-higher returns particularly on long-dated debt. "The world's bond markets are screaming, and ignoring it could prove very expensive," said Nigel Green, chief executive of deVere Group, a financial advisory firm. "Once risk-free rates sit above five percent in the world's largest economy, every asset on the planet has to justify its price against that. Equities, property, private credit, emerging market debt – nothing's immune." The benchmark 10-year Treasury yield rose one basis point to 5.1915 percent, having...
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