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Bonds warn as tech soars

Asia Pacific investors are bracing for a rough day after international markets diverged overnight. Sellers returned to lift bond yields across the board, and gold remained well supported in signs of deteriorating sentiment. European shares fell, but US tech shares rose again, led by Apple as it touched all-time highs.

The US dollar fell around 0.5%, and commodity currencies lifted despite a general lack of enthusiasm for metals and energy commodities. Surprisingly good US building permits, and lower than forecast jobless claims, did little to lift sentiment.

US corporate reporting continues, and Travellers Group is the latest financial stock to beat expectations. Major techs had a mixed night, with IBM disappointing but Intel coming in ahead of forecasts. Tonight Regions Financial, Schlumberger and Huntingdon Bancshares will face shareholders.

Bitcoin fell for the third session in a row. It sits precariously just above US $30,000, and downward momentum may see a reconnection with the break out point at $20,000. CMC’s All Crypto Index fell 5.5% as the pressure spread across the crypto markets.

Iron ore miner Fortescue revealed this morning that it anticipates a profit of more than $4 billion dollars for the half year just completed. This is a new record for the company and compares favourably to last year’s $2.45 billion.

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