Global Markets Experience Volatility as Asian Markets Sell Off and Wall Street Faces Mixed Cues

Asia-Pacific markets experienced a broad sell-off, with South Korea, Hong Kong, and mainland Chinese markets all seeing losses of about 2% each. This mirrored the decline on Wall Street as U.S. Treasury yields reached multiyear highs. Japan reported a surprise trade surplus for September, while Australia's unemployment rate fell to 3.6%. Hong Kong stocks slid as EV makers, including Tesla, reported disappointing results. The chief investment officer of South Korean tech giant Kakao was arrested for alleged stock manipulation during the company's acquisition of K-pop label SM Entertainment. The Bank of Korea held interest rates steady at 3.5%, and Australia's central bank reported a lower-than-expected unemployment rate of 3.6% for September.