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September 10, 2026 - 03:51
5 minutes
(Bloomberg) — Asian stocks fell, tracking losses on Wall Street, as surging oil prices stoked inflation concerns and Treasury yields rose. Oil held above $101 a barrel.The MSCI Asia Pacific Index slipped 1.3%, with benchmark gauges in Japan, South Korea, Taiwan and Australia all declining. The S&P 500 Index declined 0.5% in the US session, while the Nasdaq 100 Index dropped 0.3%, weighed down by losses in Nvidia Corp., Amazon.com Inc. and Alphabet Inc.Brent crude climbed as high as $101.94 on Thursday, before paring its gains, as escalating Middle East tensions raised concerns about energy supplies. The Treasury 10-year yield rose to 4.85% on Wednesday, the highest since late 2023, after the US government’s plan to buy up to $6 billion of longer-dated debt disappointed some investors who had expected a larger increase.The combination of higher oil prices and rising bond yields leaves markets particularly sensitive to Friday’s US inflation report, which may determine whether the Federal Reserve raises interest rates when it meets next week. A stronger-than-expected reading may reinforce bets on further tightening and put additional pressure on stocks and bonds, while softer data could damp those expectations.“The longer elevated prices persist, the harder it becomes for markets to shrug off the inflation impulse,” said Evelyne Gomez-Liechti, a multi-asset strategist at Mizuho International Plc.Oil gained for a fifth day after Iran vowed it was prepared for a more intense war after hostilities flared across the Middle East. US President Donald Trump said the war would only end after the November midterm elections and that significant gasoline price relief would not come before then, signaling little prospect of a near-term de-escalation in the conflict, now in its seventh month.“The temperature just got turned up again,” said Kenny Polcari at SlateStone Wealth. “The risk premium is alive and well, and the risk to energy supplies coming out of the Gulf is real.”The yen halted a three-day gain after climbing 0.3% on Wednesday following US Treasury Secretary Scott Bessent’s jawboning. Bloomberg’s gauge of the dollar was little changed.Gold climbed 0.3% to $4.410 an ounce as traders awaited Friday’s US inflation data.The US Bureau of Labor Statistics will release August producer-price data on Thursday, followed by the consumer-price-index numbers on Friday.Swaps imply about a 62% chance the Fed will raise rates by a quarter point at its Sept. 15-16 meeting, up from 60% odds on Tuesday. At least two rate hikes by the middle of next year are fully priced in.“A hot CPI print would all but seal a September hike and underpin a firmer dollar,” said Elias Haddad at Brown Brothers Harriman & Co. “A cooler reading would strengthen the case for a hold and leave the dollar vulnerable to a dovish Fed repricing.”Corporate Highlights:Apple’s iPhone Duo will improve on rivals’ foldable models, newly appointed Chief Executive Officer John Ternus said, mocking competing handsets as two phones glued together. Alphabet Inc.’s Google is spending €13 billion ($15.1 billion) on artificial-intelligence infrastructure in Finland, its biggest European investment, as the Nordic country’s cold climate and carbon-free power make it a magnet for data center builders. Amazon.com Inc. raised £4.25 billion ($5.8 billion) from its debut sterling bond sale, increasing the size of the four-part deal even as orders from investors tailed off. Dell Technologies Inc. raised $5 billion from an investment-grade bond sale that saw booming investor demand as the company rides a surge in revenue from AI servers. Dow Inc. is considering plans to exit its $20 billion chemicals partnership with Saudi Aramco, people familiar with the matter said, as part of the US firm’s efforts to reshape its portfolio amid a prolonged downturn in the industry. Some of the main moves in markets:StocksS&P 500 futures were little changed as of 10:49 a.m. Tokyo time Nikkei 225 futures (OSE) fell 1.2% Japan’s Topix fell 0.4% Australia’s S&P/ASX 200 fell 1.8% Hong Kong’s Hang Seng fell 1% The Shanghai Composite fell 0.1% Euro Stoxx 50 futures were little changed CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1635 The Japanese yen was little changed at 153.68 per dollar The offshore yuan was little changed at 6.7067 per dollar CryptocurrenciesBitcoin fell 0.3% to $78,081.82 Ether fell 0.4% to $2,462.44 BondsThe yield on 10-year Treasuries was little changed at 4.84% Japan’s 10-year yield advanced 4.5 basis points to 2.925% Australia’s 10-year yield advanced seven basis points to 5.28% CommoditiesWest Texas Intermediate crude rose 0.5% to $96.57 a barrel Spot gold rose 0.3% to $4,413.15 an ounce This story was produced with the assistance of Bloomberg Automation.©2026 Bloomberg L.P.
