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Masstown farmer launches pumpkins over a kilometre for charity | SaltWireSYDNEY - Asian shares plumbed a fresh 11-month trough on Friday as fears of a regional conflict in the Middle East intensified and as a relentless rise in long-term U.S. yields pressured valuations, while supply concerns lifted oil prices further.
MSCI's broadest index of Asia-Pacific shares outside Japan skidded 0.8% to a fresh low since November last year, bringing the weekly loss to a sizeable 3%. Tokyo's Nikkei fell 1% and was down 3.6% for the week. On the geopolitical front, fears of a spreading regional conflict are rising after the U.S. intercepted three cruise missiles and several drones launched by the Iran-aligned Houthi movement from Yemen potentially toward Israel.
"The markets are shuffling nervously as they await a move: gold and oil, as the most apparent indicators of sentiment towards the conflict, continue to rise." Overnight, Fed chair Powell appeared to align himself with Fed colleagues who have recently said the bond market is now doing some of the central bank's work for it.
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