US bond selloff resumes despite Treasury intervention– www.channelnewsasia.com

Analysts have seen the jump in yields as reflective of several dynamics, including high oil prices due to the Iran war, a surge in costly artificial intelligence investment and a flood of US government issuance because of the deficit.

Sundaram also pointed to uncertainty about new Fed Chair Kevin Warsh, who has signalled the Fed will offer less guidance on future actions.

Among US indices, the Dow fell the most at 1.3 per cent. Its biggest loser was Walmart, which slumped 9.2 percent after reporting the lowest US sales growth in six years.

Bourses in Paris and Frankfurt also retreated, while stocks in Asia rallied thanks to strong showings on Wednesday by market titans Apple, Microsoft and Amazon.

Seoul soared nearly six per cent as chipmaker SK Hynix rocketed 12.7 per cent, helped by the firm announcing a US$29 billion share buyback, and Samsung climbed more than nine percent.

Tech firms also lifted Tokyo more than one percent higher, while Hong Kong and Shanghai were also well up.