Asian Stocks Sway Due to Yen Gains & US Election Risks – Asia Market Wrap

Asian markets fell as fears about China’s economy and a tight US presidential race dampened optimism. The Yen reversed a three-day decline.

Shares in China, Hong Kong, and South Korea sank, while US market futures rose. Japan’s Finance Minister Kato predicted one-sided, quick changes in the currency market after the Yen fell more than 1% versus the Dollar on Wednesday.

Benchmark 10-year US rates fell 3 bps, reversing the previous session’s rise when they reached their highest level in nearly three months. A Dollar index dipped, but oil prices recovered after falling on Wednesday, as traders analysed Middle East concerns and the potential for market balances in 2025.

In commodities, gold crept higher after losing the most in 11 weeks on Wednesday due to increased US bond rates and profit-taking near record highs.