{"text":[[{"start":7.14,"text":"The 10-year US Treasury yield on Tuesday hit its highest level in 19 years as investors continued to sell government debt following a fresh surge in oil prices and expectations of a rate increase by the US Federal Reserve."}],[{"start":21.104,"text":"The US 10-year yield, which acts as a benchmark for trillions of dollars in assets worldwide, jumped to 5.03 per cent in Asia trading, its highest since 2007. On Monday it topped 5 per cent for the first time since 2023, in a bond rout sparked by the Iran war shock."}],[{"start":39.22,"text":"Yields on Japan’s benchmark 10-year bonds also climbed on Tuesday to their highest in 30 years, hitting 3.04 per cent. Yields move inversely to bond prices."}],[{"start":50.56,"text":"“Government bond yields are increasing globally,” wrote Mansoor Mohi-uddin, chief economist at Bank of Singapore. “Demand has been hurt by the Middle East oil shock, persistent inflation and central banks resuming interest rate hikes.”"}],[{"start":63.24,"text":"The price of Brent crude, the international oil benchmark, rose 1.9 per cent to $107.70 in Asian trade."}],[{"start":71.6,"text":"The Bank of Japan is expected to raise interest rates by 0.25 percentage points to 1.25 per cent this week, the highest level in 31 years."}],[{"start":81.88,"text":"“Markets are increasingly confident about a September BoJ hike and are pricing a higher terminal rate, which continues to put upward pressure on JGB yields,” said Masahiko Loo, senior fixed-income strategist at State Street in Tokyo."}],[{"start":95.3,"text":"Global equity markets declined slightly. In Asia South Korea’s Kospi slipped 0.9 per cent while Taiwan’s Taiex closed 0.8 per cent lower. Hong Kong’s Hang Seng index shed 0.8 per cent. Futures tracking the S&P 500 and Nasdaq 100 dropped 0.4 per cent while those for the Stoxx Europe 600 slipped 0.3 per cent."}],[{"start":118.56,"text":"Strategists said borrowing costs in the US would need to rise higher for investors to pull money out of stocks. “We would need 100 basis points more to really have some more negative implications for the S&P 500,” said Frank Benzimra, head of Asia equity strategy at Société Générale."}],[{"start":135.16,"text":"Although higher US rates typically push the dollar stronger against Asian currencies, analysts at BNP Paribas say surging exports from east Asian countries selling hardware for the US AI build-out would guard against that."}],[{"start":149.32,"text":"“We are not expecting Asian currencies to depreciate too much on the back of the US move,” said Chandresh Jain, emerging markets rates and foreign exchange strategist at BNP Paribas."}],[{"start":161.874,"text":"The US dollar strengthened 0.2 per cent against a basket of its key trading partners during Tuesday trading in Asia."}],[{"start":173.56,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1789457073_4637.mp3"}