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The US stock market fell sharply after higher inflation in the US. The Nasdaq Composite lost 1.9%, the S&P 500 - 1.1%, and the sell-off in AI- and chip-related stocks then spread to Asia, where the KOSPI plunged 8%.
Japanese Metaplanet announced the issuance of bonds worth ¥52 billion ($329 million). The funds will go toward repaying Bitcoin-backed loans and buying back shares, while the company does not plan to sell its 44,000 BTC.
Cleveland Fed President Beth Hammack said the U.S. economy remains strong and inflation is high. In her view, the Fed needs to continue tightening monetary policy, although the pace of rate hikes may be adjusted.
On October 8, the Nasdaq 100 lost more than 300 points in about 30 minutes after reports that OpenAI's annual revenue run rate was closer to $50 billion rather than the previously discussed $70 billion. High bond yields and oil above $100 added to the pressure.
The yield on 30-year US Treasury bonds has risen to 5.70%, the highest level since 2002. Rising yields increase pressure on gold, raise borrowing costs and make stocks less attractive relative to government debt.
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