Stocks in Asia fell after another disappointing US consumer confidence reading fueled concern about the health of the world’s largest economy. Treasury 10-year yields edged lower.
US economic data showing weak consumer confidence and other indicators caused stocks to drop in Asia, with Japan and Australia seeing declines, while Hong Kong and China saw gains. Bond yields fell, particularly in Australia and Japan, as investors sought safer assets. The S&P 500 hit a five-week low, and oil prices steadied after falling into the $60s per barrel. Markets anticipate potential Fed rate cuts in 2025 amid economic concerns.
