Lates News

Oil prices rose in Asian trading on Monday after US President Donald Trump rejected Iran's latest proposal to reopen the Strait of Hormuz, intensifying inflation concerns and triggering a renewed selloff in US Treasuries. The rate-sensitive two-year Treasury yield rose 5 basis points to 4.90%, while the 10-year yield climbed 4 basis points to 5.20%. Sovereign bonds in Japan and Australia also fell. The move followed a surge in US Treasury yields across maturities to multi-year highs last week, as markets focused on recent Federal Reserve policy comments and decisions. Damien McColough, head of fixed-income research at Westpac, said: "The Fed's continued hawkish signals, along with oil prices holding above $100 a barrel, are the key factors driving the bearish sentiment in the bond market."