US assets sold off on Monday as fiscal concerns mounted following the loss of the country’s triple-A credit rating and Donald Trump’s massive tax and budget bill clearing a hurdle in Congress.
Yields on 30-year US Treasuries rose as much as 0.06 percentage points to 5 per cent on Monday during trading in Asia, while 10-year yields rose 0.04 percentage points to 4.52 per cent. Bond yields move inversely to prices.
US equity futures for the S&P 500 and the Nasdaq declined 1 per cent and 1.3 per cent, respectively. Gold prices edged up 0.5 per cent to $3,216 per troy ounce and the US dollar dipped 0.3 per cent against a basket of its peers.