Asian stocks broadly declined on Thursday as longer-dated US bond yields rose and the dollar strengthened, reflecting investor concerns over US inflation and monetary policy. Bitcoin steadied above $90,000 after a recent surge driven by Donald Trump's election victory, with the cryptocurrency last up 1.6 per cent at $90,067, marking a two-week gain of over 30 per cent. US markets remain focused on potential Federal Reserve actions, with bets on a December rate cut at 25 basis points now at 83 per cent, up from 59 per cent a day earlier. However, Trump's plans for tax cuts and higher tariffs may limit further rate cuts, potentially fueling inflation and dollar gains. The dollar index hit a one-year high at 106.77, pushing the euro to $1.0534 and the yen above 156. Longer-term US Treasury yields climbed, with the 10-year yield at 4.483 per cent, its highest since July, and the 30-year yield nearing a five-month high at 4.6505 per cent. The two-year yield also rose by 3 basis points to 4.3153 per cent, reflecting near-term rate expectations. Asian stocks struggled, with China's CSI300 and Shanghai Composite indexes dropping 0.92 per cent and 0.96 per cent, respectively, as Beijing's new tax incentives failed to boost investor sentiment. Hong Kong's Hang Seng fell 1.5 per cent, and Japan's Nikkei slipped 0.11 per cent. In commodity markets, Brent crude dropped 0.62 per cent to $71.83 a barrel, while US WTI futures fell 0.7 per cent to $67.95. Spot gold slid 0.53 per cent, trading at $2,560.15 an ounce, as markets anticipated potential policy shifts under Trump's incoming administration. Attribution: Reuters Subediting: M. S. Salama
