BEIJING – Asian stock markets followed Wall Street lower on Friday after rising U.S. bond yields dampened buying enthusiasm driven by the Federal Reserve's promise of low interest rates.
Shanghai, Tokyo, Hong Kong and Sydney retreated. Overnight, Wall Street's benchmark S&P 500 index closed down 1.5%, putting it on track for its first weekly loss in three weeks.
Stocks slipped after bond yields rose, which can prompt investors to shift money out of stocks. A day earlier, the S&P 500 hit a new high after the Fed promised to keep its key interest rate near zero through 2023 even as it forecast inflation will pick up. “The rapid rise in long-end U.S.