Asian stock markets fall

Korean stocks fell 2 percent as U.S. 10-year Treasury yields hit a 16-year high, leading losses in Asia. Asia-Pacific markets are falling as Korean stocks fell more than 2 percent after U.S. 10-year Treasury yields hit a 16-year high. South Korea’s Kospi lost 2.16 percent and the Kosdaq lost 1.17 percent after returning from holiday. Australia’s S&P/ASX 200 index fell 0.42 percent. Japan’s Nikkei 225 fell 1.45 percent and the Topix fell 1.31 percent. Hong Kong’s Hang Seng index fell 0.8 percent in the first hour of trading, extending losses from Tuesday’s 3 percent drop. Chinese markets will remain closed for a week-long holiday. In the U.S., all three indexes posted losses overnight. The Dow Jones Industrial Average lost 430.97 points, or 1.29 percent, for its worst day since March. The S&P 500 lost 1.37 percent and the Nasdaq lost 1.87 percent.