Asian shares slid on Monday as the mounting risk of more aggressive rate hikes in the United States and Europe shoved bond yields and the dollar sharply higher, and tested equity and earnings valuations.
EURO STRUGGLES
Two-year U.S. yields rose seven basis points to 3.466%, the highest since late 2007 and far above the ten-year at 3.10%. Yields have also climbed across Europe with double digit gains in Italy, Spain and Portugal. The dollar gained 0.7% to a five-week peak on the yen at 138.58 , with bulls looking to re-test its July top of 139.38.
"EUR/USD can remain below parity this week," said Joseph Capurso, head of international economics at CBA.
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