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Asian equities fell to three-week lows as a global bond sell-off gathered pace. Japanese yields led the move higher, with 20-year bonds hitting levels last seen in 1999 and 30-years at record highs, while U.S. 30-year yields hovered near 5% after Tuesday’s spike.

Stocks traded cautiously with U.S. markets still closed, leaving Asian shares swinging between small gains and losses and European futures slightly lower. Gold surged past $3,500 to a fresh record as Fed cut bets intensified, while oil edged higher ahead of this week’s OPEC+ meeting.

Stocks largely shrugged off Nvidia Corp.’s slightly disappointing sales outlook, signalling that the ongoing market rally retains strong momentum. Despite Nvidia’s shares dropping 3% in extended trading after CEO Jensen Huang noted high demand but a weaker-than-expected forecast, broader market indices showed resilience.