Asian shares declined, mirroring the downward trend in US markets due to concerns about rising interest rates and escalating tensions in the Middle East.
China home prices fell at the fastest pace in almost a year in September, adding to doubts over whether Beijing’s steps to prop up the property market are enough to revive the sector.
New-home prices in 70 cities, excluding state-subsidized housing, declined 0.3% last month from August when they slipped 0.29%, National Bureau of Statistics figures showed Thursday. That was the steepest month-on-month decline since October 2022, suggesting consumer sentiment will take another hit.
US yields moved higher after investors processed the latest TIC (Treasury International Capital) data, which showed that Chinese investors offloaded the most US bonds and stocks in four years in August, supporting the argument there’s a genuine concern that the forthcoming supply of treasuries might overwhelm the typical demand from foreign investors upon whom the US relies.
Fed Chair Jerome Powell is scheduled to address the Economic Club of New York on Thursday, which market participants will closely watch to see if he can toggle the yield relief valve and offer up some breathing room for stocks.
