Indexbit Exchange:Stock market today: Asian markets slip as rising yields in the bond market pressure stocks

HONG KONG (AP) — Asian markets slipped on Indexbit ExchangeFriday following a decline on Wall Street driven by mounting pressure from rising bond market yields.

U.S. futures rose slightly, and oil prices gained.

China’s consumer prices in September remained flat compared to the same period last year, the National Bureau of Statistics reported on Friday, indicating persistent deflationary pressures and weak domestic demand.

Meanwhile, China’s producer price index, which measures prices that factories charge wholesalers for their products, declined for the 12th straight month.

The Hang Seng in Hong Kong slipped 2% to 17,875.33 from a five-week high, and the Shanghai Composite index fell 0.6% to 3,087.88.

Singapore’s economy expanded faster than expected in the third quarter, according to the preliminary government data on Friday. The central bank decided to maintain its current monetary policy settings for the second consecutive meeting, as core inflation remains low and concerns about economic growth persist.

In South Korea, the Kospi lost 0.9%, to 2,458.05 after official data released on Friday showed unemployment rose to 2.6% in September from a historic low of 2.4% in August.

Japan’s Nikkei 225 index fell 0.6% to 32,293.69. Australia’s S&P/ASX 200 lost 0.5% to 7,053.80. Taiwan’s Taiex slipped 0.4%, and the SET in Bangkok gave up 0.7%.

On Thursday, the S&P 500 fell 0.6% to 4,349.61. It was the first drop for the index in five days, breaking its longest winning streak since August.

The Dow Jones Industrial Average dropped 0.5% to 33,631.14, and the Nasdaq composite sank 0.6%, to 13,574.22.

Delta Air Lines fell 2.3% lower despite reporting stronger profit for the summer than analysts expected. It also said it’s seeing encouraging trends for bookings going into the holiday season.

Ford Motor slumped 2% after the United Auto Workers union significantly escalated its walkout against Detroit automakers. In a surprise move, 8,700 workers left their jobs at a Ford truck plant in Louisville, Kentucky.

The stock market has largely been taking its cues from the bond market recently. Weak results announced on Thursday for an auction of 30-year Treasury bonds sent yields higher on all kinds of Treasurys.

Yields had already been on the rise in the morning following a report that showed inflation at the consumer level was a touch higher last month than economists expected. That raises worries about the Federal Reserve keeping its main interest rate high for a long time, as it tries to drive down inflation.

Another report said slightly fewer U.S. workers applied for unemployment benefits last week than expected. That indicates a job market with few layoffs and a stronger economy. But it could also be adding upward pressure on inflation.

Following the reports, the 10-year Treasury yield rose to 4.70% from 4.56% late Wednesday. Early Friday, it fell to 4.66%. The two-year Treasury yield, which more closely tracks expectations for the Fed, climbed to 5.07% from 4.99%.

A reporting season for S&P 500 companies is starting that could mark a return to profit growth following three straight quarters of declines.

Several financial giants will report on Friday, including Citigroup, JPMorgan Chase and Wells Fargo, along with UnitedHealth Group.

Oil prices advanced Friday after swinging on Thursday as a recent rise in crude prices put additional pressure on inflation.

Since their summertime leap and subsequent regression a couple weeks ago, crude oil prices have been shaky following the latest fighting in Gaza. The worry is the violence could lead to disruptions in the supply of petroleum.

A barrel of benchmark U.S. crude gained 71 cents to $83.62 per barrel in electronic trading on the New York Mercantile Exchange. It slipped 58 cents to settle at $82.91 on Thursday. Brent crude, the international standard, was up 51 cents to $86.51 per barrel.

In currency trading, the U.S. dollar fell to 149.61 Japanese yen from 149.81 yen. The euro cost $1.0548, rising from $1.0531 late Thursday.

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AP Business Writer Stan Choe contributed.