Marketmind: Markets buckle under bond yield weight

A sea of red across world stock markets and another surge in U.S. Treasury yields on Wednesday will likely ensure a bearish open in Asia on Thursday, as investors also brace for monetary policy decisions and outlooks from South Korea and Indonesia.

Chinese stocks fell sharply on Wednesday, pressured by deepening turmoil in the country's property sector as top private developer Country Garden flirts with default. Could investors decide the GDP and other indicators show the economy is in better shape than feared? The selling pressure bearing down on the U.S. bond market simply refuses to relent. The 10-year yield scaled 4.90% for the first time since 2007, and the two-year hit a fresh 17-year high of 5.2440%.

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