• Stocks in Asia are primed for early declines after higher-than-expected US inflation data supported the view the Federal Reserve may keep interest rates higher for longer.
• Equity futures for Japan, Australia and Hong Kong all tumbled, mirroring selling on Wall Street on Wednesday. The S&P 500 fell 1% and the Nasdaq 100 dropped 0.9%, with futures for the benchmarks edging lower in early Asian trading on Thursday.
• The dollar strengthened as Treasury yields rose across the curve Wednesday. The policy-sensitive two-year yield climbed 23 points, while the 10-year rose by 18 basis points to top 4.5% for the first time since November. Australia and New Zealand 10-year yields both climbed by more than 10 basis points early Thursday.
• The US moves were driven by the March core consumer price index, which excludes food and energy costs. The gauge increased 0.4% from February, more than the 0.3% consensus forecasts, to beat expectations for a third straight month.