HK stocks inch up amid bond, oil and rates jitters
Oil prices and bond yields were higher in an uncomfortable combination for Asian equities on Tuesday, as investors braced for an interest rate hike in Australia and an era where short term borrowing costs settle at their highest for years. In Hong Kong, the benchmark Hang Seng Index opened up six points, or 0.02 percent, at 24,648 but plunged into the red soon after and was 131 points down at one stage in early trading. The tech index was down nine points, or 0.21 percent, at 4,286 while the China enterprises index was up 10 points, or 0.13 percent, at 8,227. On the mainland the Shanghai Composite Index opened down seven points, or 0.2 percent, at 3,816. The Shenzhen Component Index slid 19 points, or 0.15 percent, to 12,839 while the ChiNext Index inched down three points, or 0.11 percent, to 3,136. The mixed openings came as the benchmark 10-year US Treasury yield spiked to a 19-year high above 5.27 percent overnight for a rise of nearly 50 basis points through September. Yields rise when bond prices fall and the monthly selloff is the heaviest for two years. The US two-year yield has moved even further, shooting up more than 57 bps this month to the...
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