Yen weakens through 150 per dollar for first time since 1990.
Oil rises as Chinese officials debate easing some Covid rules
European stocks and US equity contracts
fell amid rising bond yields, with investors
concerned that strong inflation and hawkish monetary policy will further slow the global economy.
Miners were among the biggest laggards in
Europe’s Stoxx 600 index as iron ore prices
slumped. Luxury stocks outperformed after
sales surged at Birkin handbag maker Hermes International. S&P 500 and Nasdaq 100 futures were in retreat. Tesla Inc. fell more than 6% in premarket trading after the electric-vehicle maker reported sales that missed Wall Street estimates. A gauge of Asian stocks dropped.
The yen weakened past the closely watched 150 per dollar level, marking a 32-year low and keeping investors on high alert for further intervention to support it. The move followed a surge in US Treasury yields multi-year highs that widened the gap with Japanese equivalents.
Investors are closely monitoring events in
the UK where Liz Truss’s premiership looked close to imploding after she fired one minister over a security breach and two others were heard resigning amid the fallout from a chaotic parliamentary vote, before agreeing to stay in their posts. The pound was steady, while 10-year UK bond yields climbed nine basis points to 3.97%.