Asian stocks limped toward a fourth straight weekly decline on Friday and bonds nursed big losses as investors scrambled to catch up with the U.S. Federal Reserve's interest rate outlook, while currency markets were on edge at the end of a wild week.
Overnight, Wall Street indexes fell and longer-dated U.S. Treasuries were dumped - sending the 10-year yield up about 20 basis points to 3.71% - as traders tried to adjust to the prospect of U.S. interest rates above 4% for some time.
"It's very skittish price action ... I think that this volatility continues in all markets in the near term the rates market settles."INTERVENTION Preliminary manufacturing surveys in Europe and Britain's new finance minister announcing his "Growth Plan" highlight the day ahead. "It changes the market dynamic in terms of risks-reward for short-term players," said UBS strategist James Malcolm.
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