Stock Market Live Updates | Asian shares plumb 11-mth lows on surging US yields, Middle East worries

Asian shares plumbed 11-month lows on Friday as a relentless rise in long-term US yields pressured valuations and investors shied away from risk due to mounting fears that Israel's war on Hamas could spark a wider Middle East conflict.

Those fears also drove oil prices higher.

Europe wass set for a similarly downbeat open, with EUROSTOXX 50 futures sliding 0.6% and FTSE futures off 0.4%. S&P 500 futures slipped 0.1% while Nasdaq futures were down 0.3%.

The surge in the 10-year US benchmark yield overnight to briefly touch 5% has raised borrowing costs around the world. On Friday, the Bank of Japan intervened in the Japanese government bond (JGB) market as the 10-year JGB yield touched a decade high.