HONG KONG, Oct 2 — Asian stocks dropped Friday as investors grow increasingly concerned about surging oil prices and bond yields, while key jobs data later in the day will be pored over for an idea about the Federal Reserve’s next interest rate move.
Yields on US Treasuries and government debt in many other major economies spiked Thursday amid fears that the surging cost of energy caused by the Middle East crisis will force central banks to ramp up borrowing costs well into next year.
And while they eased back in early business Friday, angst continues to flow across trading floors, compounded by fresh worries of another flare-up in the US-Iran war.
Both main crude contracts edged up to extend the previous day’s rally with Washington and Tehran deadlocked on ending the crisis and unable to reopen the Strait of Hormuz.
