Stocks in Asia aren't having a good day

  • Nikkei -1.45%
  • Hang Seng -0.83%
  • Shanghai Composite -0.74%
  • CSI 300 -0.70%
  • Kospi -1.09%
  • ASX 200 -0.90%

And it's not just the major stock indices that's faring poorly. The main indices in Taiwan, Jakarta, Singapore, and Malaysia are all down on the day as well.

The rise in yields could potentially make things a tough one for equity investors. For most of 2017, US yields were largely confined in a range between 2.3% to 2.5%. That's asking for investors to find higher yielding (riskier) assets to achieve higher returns.

But with the recent breakout in yields now, and if it continues to head higher, we could see some rebalancing in the portfolios of many investors - and that may not bode well for equities in the short-term if that happens.

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