Share markets were jittery in early Asia on Wednesday as trading was buffeted by a step-up in U.S. Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations.
Overnight, yields on 10-year U.S. Treasury notes rose more than 5 basis points to as high as 1.684% while yields on 30-year Treasury bond gained 6 basis points. Two-year U.S. Treasury yields slipped having touched their highest level since March 2020 on Monday.
Investors will be scrutinising the minutes of the U.S. Federal Reserve policy committee's November meeting to be published later in the global day for signs that the pace of tapering could accelerate. Major currencies are largely trading based on market expectations of central banks' interest rate normalisation schedules.
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