- As treasury yields rose, investors worried that rising borrowing costs would weigh on earnings and trigger a recession. The yen has reached a 20-year low.
- Japan's equities rose as the currency's drop on a widening interest-rate differential with the US provided a tailwind for exporters. Australian stocks fell ahead of a central bank meeting expected to result in back-to-back rate hikes for the first time in 12 years. Hong Kong technology stocks rose on speculation that the government will ease restrictions on the sector. China fluctuated, while US futures fell.
- Treasury bonds added to losses that pushed 5- and 10-year yields above 3% for the first time since mid-May, ahead of a slew of new debt supply and crucial inflation data at the end of the week. The 10-year Treasury yield edged up after rising more than 10 basis points on Monday, with yields across the curve rising at least seven basis points.
- The dollar rose as investors avoided risky assets. Bitcoin fell back below $30,000, and the pound pared gains made after UK's Prime Minister Johnson survived a leadership vote.
