Asia stocks made a sharp plunge, following the decline in Wall Street overnight as the U.S. Bond Yield surged 1.6%.
As of 7:40 local time in Thailand, Nikkei dropped 2.98%, ASX200 fell 2.37% and Kospi slipped 3.04%. SSEC and HSI remained close until 8:30 in Thai time.
Last night, Dow Jones dropped 559 points or 1.75%, slipping from a record high to close at 31,402.01 points. The S&P 500 fell 2.45%, while the tech-heavy Nasdaq Composite plunged 3.5% and suffered its biggest one-day sell-off since October 28, 2020.
The 10-year U.S. Treasury yield briefly topped the 1.6% on Thursday and traded at its highest level in more than a year, raising concerns for investors in risk assets such as the stock market.