Panic over continued U.S. debt sell-off spreads further: South Korean stocks trigger a circuit breaker, and gold falls below $4,500

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ME News Report, May 18 (UTC+8), after the 30-year U.S. Treasury yield broke through 5% to reach a 20-year high, panic selling continued to spread on Monday. The 10-year Japanese government bond yield soared to 2.8%, hitting a 30-year high; South Korean stocks plunged mid-session triggering a circuit breaker; gold fell below $4,500. Investors say the key is that as long as the Middle East standoff continues to block oil flow through the crucial Strait of Hormuz, the pressure on bonds will persist. Priya Misra, portfolio manager at JPMorgan Asset Management, said, “This price movement is concerning for two reasons: long-term interest rates are rising globally, and they tend to influence each other, while the prospect of Fed rate hikes is entering market narratives.” (Source: ODAILY)

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