Three cryptocurrency companies have been sued in New York for allegedly defrauding more than 230,000 investors of more than $1.1bn (£910m).

The legal action brought by Attorney General Letitia James implicates Gemini Trust Company, founded by the Winklevoss twins, Genesis Global Capital and Digital Currency Group, owned by the crypto billionaire Barry Silbert.

The Winklevoss twins were best-known from their portrayal in the film the Social Network, which depicted their rivalry with Facebook boss Mark Zuckerberg.

The New York lawsuit alleges that Gemini lied to investors about how risky its investments were, failing to reveal that loans were undersecured and at one point highly concentrated with Sam Bankman-Fried’s hedge fund Alameda Research.

The lawsuit also charges Genesis, its former chief executive Soichiro Moro, its parent company Digital Currency Group, and its boss Barry Silbert with defrauding investors and the public by trying to conceal more than $1.1bn in losses.

The Attorney General aims to ban Gemini, Genesis, and Digital Currency Group from the financial investment industry in New York.

She said: “These cryptocurrency companies lied to investors and tried to hide more than a billion dollars in losses, and it was middle-class investors who suffered as a result.

“Hardworking New Yorkers and investors around the country lost more than a billion dollars because they were fed blatant lies that their money would be safe and grow if they invested it in Gemini Earn.”

Gemini tweeted that the lawsuit “confirms what we’ve been saying all along — that Gemini, Earn users, and other creditors were the victims of a massive fraud and systematically ‘lied to’ by these parties about ‘Genesis’s financial condition.’

“With that said, we wholly disagree with the NY AG’s decision to also sue Gemini. Blaming a victim for being defrauded and lied to makes no sense and we look forward to defending ourselves against this inconsistent position.”

The other companies have been contacted for comment.

Read the latest updates below.

03:30 PM BST

Handing over

I’m calling it a day but the blog will continue in the hands of Adam Mawardi, who will keep you up to speed with Jerome Powell’s speech at 5pm and its impact.

Naturally you are a follower of this blog as a person with great interest in the world of business and what it means - and it turns out that if you are a shareholder in the US, you are part of a club that has never been bigger:

03:19 PM BST

US home sales at lowest level since 2010

US home sales slid further in September to the lowest rate since 2010, according to industry data, with interest rates high and the supply of properties limited.

Existing home sales crept down 2pc last month from August, reaching an annual rate of 3.96m seasonally adjusted, said the National Association of Realtors (NAR).

This was the lowest rate since October 2010, as elevated interest rates put home ownership out of reach for first-time buyers.

Existing homeowners are also less likely to put their real estate on sale after having locked in lower rates previously.

NAR chief economist Lawrence Yun: “As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales.”

03:05 PM BST

London bus operator Arriva sold to Miami-based investment group

The operator of London’s iconic red double decker buses is to be sold to a Miami-based investment house.

German owner Deutsche Bahn secured the sale to I Squared Capital, understood to be worth around €1.6bn (£1.4bn), after lengthy efforts to offload the firm to reduce its debt.

Sunderland-based Arriva is one of the UK’s largest train and bus operators, which includes the largest fleet of London’s famous red double-decker buses.

The company, which also runs the London Overground rail network and the Chiltern and CrossCountry rail franchises, employs around 34,000 people across 10 European countries.

The takeover deal is expected to complete next year, subject to “customary closing conditions and approvals”.

02:34 PM BST

Wall Street opens higher amid Netflix boost

The main US stock indexes opened higher as Tesla and Netflix kicked US earnings season into high gear.

The Dow Jones Industrial Average was little changed at the open to 33,669.52.

The S&P 500 opened higher by 6.76 points, or 0.2pc, at 4,321.36, while the Nasdaq Composite gained 40.50 points, or 0.3pc, to 13,354.80 at the opening bell.

02:14 PM BST

Flights cancelled across France amid bomb threats

More than 130 flights across France have been cancelled after at least 14 of the country’s airports received bomb threats.

At least eight sites were evacuated in the latest series of false alarms that have rattled the country over the past week.

Most of France’s major airports - with the exception of its two biggest in Paris - were temporarily evacuated on Wednesday, leading to at least 130 flight cancellations.

Today, the evacuations were focused on small airports such as Brest, Carcassonne, Bordeaux and Montpellier.

Aviation authority DGAC confirmed the bomb threats without giving a precise number, while several airports put out social media messages about the evacuations and checks by security forces.

France, which has large Jewish and Muslim populations, has been on high alert since the Hamas’s assault on Israel and since a teacher was killed last week by an attacker who had sworn allegiance to the Islamic State extremist group.

01:47 PM BST

US jobless claims lowest since January

Applications for unemployment benefits in the US fell to their lowest level in eight months last week as businesses continue to retain workers despite elevated interest rates meant to cool the economy and labor market.

Jobless claim applications fell by 13,000 to 198,000 for the week ending October 14, the Labor Department said, which is the fewest since January.

Jobless claim applications are considered a proxy for layoffs.

The four-week moving average of claims, which flattens out some of the week-to-week volatility, ticked down by 1,000 to 205,750.

Overall, 1.73 million people were collecting unemployment benefits the week that ended October 7, about 29,000 more than the previous week.

01:25 PM BST

Wall Street edges lower amid bond market sell-off

US stock indexes were mainly down in premarket trading after a poor earnings report from Tesla and amid surging US bond yields.

Treasury yields have eased off 16-year peaks ahead of remarks from Federal Reserve chairman Jerome Powell at 5pm UK time.

Netflix soared 13.3pc in premarket trading after the streaming giant said it was raising prices for some of its plans in the United States, Britain and France after adding nearly 9m subscribers in the third quarter.

Tesla, however, slid 5.1pc as the electric vehicle (EV) maker missed Wall Street expectations on third-quarter gross margin, profit and revenue.

Chief executive Elon Musk said on Wednesday that he was concerned about the impact of high interest rates on car buyers, adding that the electric vehicle maker was hesitant about its plans for a factory in Mexico.

Yields on benchmark Treasury notes surged earlier, with the two-year yield, which best reflects interest rate expectations, climbing to a 17-year high at 5.23pc. The yield on the 10-year stood at 4.95pc, inching closer to the 5pc level last seen in 2007. Yields move higher when bonds prices fall.

Ahead of the opening bell, the Dow Jones Industrial Average was down 0.1pc, the S&P 500 was 0.1pc and the Nasdaq 100 was up 0.1pc.

01:15 PM BST

Greenpeace fail in bid to block North Sea drilling

Greenpeace’s legal challenge against the Government’s approval of new North Sea oil and gas drilling licences has been rejected by the courts.

Judge David Holgate rejected the environmental campaign group’s case which argued that ministers had failed to assess the greenhouse gases produced by consuming oil and gas.

Greenpeace said the so-called end-use or downstream emissions rendered Britain’s offshore energy plan unlawful.

However, lawyers representing the Department for Energy Security and Net Zero said at a hearing in July that ministers were not required to assess end-use emissions, although they nonetheless considered them.

Prime Minister Rishi Sunak has said that domestic oil and gas production is key to his plan to improve Britain’s energy security – and that doing so is consistent with its target of net zero by 2050.

Last month the Government approved the development of the Rosebank oil field 80 miles off the coast of Shetland.

Rosebank will produce about 225m tonnes of carbon dioxide over its two to three decades of operation, which is around half the emissions produced by the whole UK in a year.

The Government said approval had been scrutinised by regulators, including a detailed environmental impact assessment process and a public consultation prior to approval.

12:55 PM BST

Heated tobacco fires up sales at Philip Morris

Marlboro maker Philip Morris International raised its profit forecast on sales of its IQOS heated tobacco products, which are designed as alternatives to smoking.

Adjusted earnings per share should rise 10pc to 10.5pc this year excluding currency shifts, the cigarette manufacturer said in its third-quarter results.

Philip Morris is beating rivals in the switch to smoking alternatives, winning the largest percentage of sales among big tobacco firms from products such as heated tobacco sticks, nicotine pouches and vapes.

Chief executive Jacek Olczak has said cigarettes belong in a museum, and the company aims to get less than a third of its revenue from combustible cigarettes by 2030.

12:40 PM BST

Amazon launches humanoid robots to do ‘mundane and repetitive’ tasks

Amazon has begun testing humanoid robots in its warehouses, insisting the machines will help eliminate repetitive tasks and not replace people.

Our senior technology reporter Matthew Field has the details:

Watch them in action.

12:04 PM BST

EU orders Meta and TikTok to reveal efforts to halt misinformation

Meta and TikTok have been given a week by the European Commission to provide details on measures taken to counter the spread of terrorist, violent content and hate speech on their platforms, a week after Elon Musk’s X was told to do the same.

The European Union’s executive body said it had sent a request for the information to the two companies as researchers point to the proliferation of disinformation following Hamas’ attack against Israel more than a week ago.

The Commission can open investigations into the companies if it is not satisfied with their responses.

Under new online content rules known as the Digital Services Act (DSA) that came into force recently, major online platforms are required to do more to take down illegal and harmful content or risk fines as much as 6pc of their global turnover.

The Commission said in a statement:

11:59 AM BST

Global shares hit by rising bond markets

World shares tumbled Thursday following a retreat on Wall Street after big US companies delivered mixed profit reports and Treasury yields added pressure on stocks.

Worries about war in the Middle East also are dragging on markets.

Germany’s DAX edged 0.1pc lower to 15,092.59 and the CAC 40 in Paris gave up 0.4pc, to 6,935.51. The FTSE 100 was last down 0.7pc to 7,534.03.

Government borrowing costs in the eurozone are close to their highest in around a decade, with Germany’s 10-year government bond yield, the benchmark for the single currency region, at 2.92pc.

It hit its highest level since July 2011 at 3.024pc a couple of weeks ago.

The yield on 10-year UK gilts was last up two basis points to 4.68pc.

11:44 AM BST

Workers to strike at rail manufacturer Vossloh

Workers at a rail manufacturing company are to stage a series of strikes in a dispute over pay.

Members of the GMB union at Scunthorpe-based Vossloh will walk out for 16 days over the next few weeks.

Strikes will be held on October 20 and 27, with further dates from October 31.

The move follows an overwhelming vote against a pay offer which the union said amounts to a real-terms pay cut.

GMB organiser Colin Todd said:

11:29 AM BST

Gas prices fall as Sunak meets Netanyahu

Gas prices have fallen amid diplomatic efforts in Israel, milder weather forecasts and the end of threats of strikes at vital Australian plants.

European benchmark contracts have slipped as much as 8.2pc as near-full storage sites also helped bring down prices. The UK equivalent fell as much as 8.7pc.

It comes as Rishi Sunak meets with Israeli Prime Minister Benjamin Netanyahu as part of a series of diplomatic efforts aimed at calming the crisis in the Middle East.

Joe Biden travelled to Israel on Wednesday after the war with Hamas sent oil and gas prices surging amid concerns that a wider conflict could disrupt energy supplies from the region.

Also on Wednesday, unions agreed to suspend strike action planned for today at two Australian gas plants which produce 5pc of global supplies.

11:08 AM BST

Pound falls amid inflation fears

The pound has fallen further in the wake of Wednesday’s higher-than-expected inflation figures, which have raised concerns about the health of the UK economy.

Sterling was down 0.3pc against the dollar to nearly $1.21, and fell by the same degree against the euro to a five month low at €1.14.

It comes as figures on Tuesday showed wages increased at a faster pace than inflation, which risks fuelling price rises just as the conflict in the Middle East sends the price of oil higher.

Nicholas Rees, FX market analyst at Monex Europe, said: “Sterling has been trading with its typical high beta to global risk conditions in recent days.”

The market is also waiting with bated breath for remarks from Federal Reserve chairman Jerome Powell at 5pm.

Fiona Cincotta, senior financial markets analyst at City Index, said sterling was falling for a third straight day as traders put their money into safe havens like the dollar.

10:49 AM BST

Oil slumps as US eases Venezuela sanctions

Oil prices have slumped after the US eased crude sanctions in Venezuela, easing the risks to global supply caused by the conflict in the Middle East.

Brent crude, the international benchmark, has fallen by 2pc below $90 a barrel after the US suspended some sanctions on Venezuelan oil and other commodities.

The US said it was in response to the signing of an electoral roadmap agreement between the government of President Nicolas Maduro and the opposition.

Analysts estimate that the US shift may enable the country to pump about 200,000 more barrels a day, a roughly 25pc jump in output.

US-produced West Texas Intermediate has fallen 1.8pc below $87.

10:28 AM BST

Renault shares sink as it sells fewer cars

Shares in French car giant Renault sank as the group’s third-quarter sales performance disappointed investors.

Sales grew 7.6pc to €10.5bn (£9.2bn) as a drop in volume was offset by price increases for its vehicle line-up.

The company has moved to a strategy of selling fewer cars but at higher prices.

Renault confirmed its outlook for 2023, with cash flow equal or above €2.5bn and an operating margin of between 7pc and 8pc.

Chief financial officer Thierry Pieton said: “We have entered the last quarter with confidence and confirm the improvement of our profitability in the second half of the year and beyond.”

However, investors were not impressed as company shares fell more than 7.3pc in morning trading in the Paris stock exchange.

10:10 AM BST

Man Group assets hit record high after Varagon takeover

Investment manager Man Group revealed its assets have reached an record high as clients poured more money into its funds after its acquisition of Varagon Capital Partners.

The world’s largest publicly traded hedge fund business said assets grew to $161.2bn (£133.1bn) in the three months to September, up from $151.7bn in the previous quarter.

Clients added $700m (£578m) into its funds.

The results are the first under Robyn Grew, who took over as chief executive at the beginning of September from Luke Ellis. She is the firm’s first female boss in its history.

The purchase of Varagon has pushed Man Group into the booming $1.5trillion private credit market.

Man Group agreed to pay $183m (£151m) in cash for US-based Varagon, which had $11.8bn of assets and $15.4bn of total client commitments at the end of 2022.

Its shares have gained 0.5pc.

09:50 AM BST

Greta Thunberg protests against JP Morgan funding oil projects

Greta Thunberg has joined a protest outside JP Morgan demanding the bank stops funding fossil fuels.

Along with the group Fossil Free London, the Swedish climate activist sat outside the entrance in Canary Wharf.

They moved to block the entrances of the bank by sitting on the pavement chanting “oily money out” and waving yellow flags and banners.

It follows another protest on Tuesday in Mayfair where oil executives had met as part of the Energy Intelligence Forum, where Ms Thunberg was arrested and subsequently charged with a public order offence.

The group said the bank has been a major source of funding of fossil fuel projects since the Paris Agreement, when governments agreed to limit global average temperature rise to 1.5C above pre-industrial levels.

09:28 AM BST

Greta Thunberg rejoins London oil protesters following charge

Greta Thunberg has joined oil protesters a day after she was charged with a public order offence.

The climate activist sat with demonstrators from Fossil Free London in a demonstration outside JP Morgan’s offices in Canary Wharf.

The protests are part of the action to disrupt the Energy Intelligence Forum (EIF) summit of oil executives being held in London.

09:23 AM BST

Ministers urged to commit to Rolls-Royce contract

The Government is being urged to guarantee its commitment to contracts with Rolls-Royce after the engineering giant announced plans to cut thousands of jobs.

West of England Mayor Dan Norris has written to Defence Secretary Grant Shapps asking him to confirm the Government will see through the Tempest and Eurofighter Typhoon contracts.

Some of Rolls-Royce’s 3,400-strong workforce in Bristol are carrying out tests on the UK’s next-generation supersonic stealth combat aircraft, Tempest.

Others at the Filton site are providing maintenance support for the EJ200 engine as the Typhoon continues to form the backbone of the RAF’s fighter jet fleet, Mr Norris said. He wrote:

Mr Norris spoke to Rolls-Royce on Wednesday after the company said it plans to axe up to 2,500 jobs globally.

09:05 AM BST

Musk 'considering withdrawing Twitter from EU'

Elon Musk has reportedly suggested X, formerly known as Twitter, could stop being accessible in Europe in order to avoid new EU regulation.

The Tesla and SpaceX chief executive has become frustrated with the requirements placed on the social network by the Digital Services Act brought into law by the European Commission, according to Business Insider.

Mr Musk, who acquired Twitter, now called X, a year ago for $44bn, has discussed blocking users in the European Union from accessing the platform or making the app unavailable in the continent.

A Romanian MEP said the EU was becoming an Orwellian “Ministry of Truth” as its Digital Services Act gives it sufficient powers to rule on what content it believes is and is not true when published on some of the world’s largest websites.

08:45 AM BST

FTSE 100 falls amid jump in bond yields

UK shares have fallen as poor company results combined with a jump in government bond yields and tensions in the Middle East.

The commodity-focused FTSE 100 was down 1pc, while the mid-cap FTSE 250 slipped 0.7pc.

US Treasury yields jumped to 16-year highs ahead of Federal Reserve chairman Jerome Powell’s speech in New York, scheduled for 5pm UK time, which could offer more clues on the interest rate trajectory.

Rentokil Initial tumbled over 14.7pc to the bottom of FTSE 100 after the pest control firm warned about softer annual demand in North America.

The UK’s blue chip index was also dragged lower by a 13.1pc fall in Rightmove after a near £100m takeover was agreed for rival OnTheMarket.

The heavyweight oil and gas sectoral index was down 0.3pc, tracking oil prices lower.

Industrial support services led sectoral declines, down 3.9pc, while the non-life insurers index led gains, up 0.5pc.

Hargreaves Lansdown reported a slowdown in new client growth for the first quarter amid flailing investor confidence. The investment platform’s shares were down 4.6pc.

08:35 AM BST

OnTheMarket agrees near £100m takeover

Online property portal OnTheMarket has agreed to a near-£100m takeover by US property giant CoStar Group.

CoStar will pay 110p a share for OnTheMarket, valuing the group at £99m and marking a 56pc premium on shares as of Wednesday’s market close.

OnTheMarket said management unanimously back the deal, which they expect to complete in the fourth quarter, if given the go-ahead by investors.

Chief executive Jason Tebb said:

The deal has sent its shares rocketing by 52pc while rival Rightmove has plummeted 13.3pc to the bottom of the FTSE 100.

08:20 AM BST

London Stock Exchange expands post-trade business

The news that the UK has retaken its crown as being home to Europe’s largest stock market comes as the London Stock Exchange revealed total income grew by 8pc.

The bourse’s share price has fallen 0.4pc today despite chief executive David Schwimmer saying he is confident that the business will grow at the upper end of its 6pc to 8pc guidance.

The company said its post-trading business - the processes of enabling a trade to move safely from a buyer to a seller - was up 17pc, and 9.2pc on an organic basis.

Mr Schwimmer said: “Our post trade businesses also continue to grow strongly as customers look to our risk management services in an uncertain macro environment.”

08:04 AM BST

UK markets fall at the open

The FTSE 100 has fallen following a retreat on Wall Street and in Asian markets after big US companies dampened the mood with mixed profit reports.

The UK’s main index has slumped 0.5pc to 7,546.84 while the midcap FTSE 250 fell 0.6pc to 17,303.11.

07:59 AM BST

Nestle sales slow down amid higher prices

Nestle reported a slowdown in sales growth as consumers were put off by higher prices.

The Nescafe coffee and KitKat maker reported a 0.4pc reduction in sales to 68.8bn Swiss francs (£63.2bn) in the first nine months of the year.

The company said pricing had increased by 8.4pc, reflecting the impact of cost inflation over the last two years.

Emmanuel Macron’s Government has accused Nestlé, along with Unilever and Pepsico, of refusing to pass lower costs on to families as Paris battles to control double-digit food inflation.

Bruno Le Maire, France’s finance minister, singled out the multinationals for criticism as he promised measures to “definitively break the price spiral”.

Nestle reiterated its forecast of 7pc to 8pc organic sales growth this year.

Chief executive Mark Schneider said: “Growth was driven by pricing as we continued to navigate historic inflation levels.”

07:43 AM BST

Nokia plans to cut up to 14,000 jobs

Phone manufacturer Nokia has said it plans to cut up to 14,000 jobs by the end of 2026 as part of a plan to sharply reduce costs.

The Finnish technology firm said the move is part of efforts to save it up to €1.2bn over the three-year period.

It will reduce its workforce, which currently employs 86,000 people, to be between 72,000 and 77,000 staff.

It came as the business also reported that sales slumped by a fifth over the quarter to September.

07:38 AM BST

Hipgnosis announces strategic review ahead of vote on asset sale

The fund that owns rights to songs from the likes of Blondie, Shakira and Neil Young has announced a strategic review after a collapse in its share price and ahead of a vote on selling a chunk of its catalogue to pay off debts.

Shares in Hipgnosis, one of the biggest music rights owners, slumped to an all-time low this week in the latest sign that the gold rush for musicians’ back catalogues may be at an end.

In an update to shareholders, the company said a review “will look at all options to be considered for the future of the company with the aim of maximising value for shareholders”.

It said this would include a review of the future management arrangements of the company.

Hipgnosis has now lost almost half its value since a peak two years ago during an investment boom for music catalogues. Shares have fallen as interest rates have risen and amid questions over the value of its extensive catalogue.

Investors, which include the Church of England, are also scheduled to decide next week whether to approve the sale of a chunk of Hipgnosis’ music rights to help it raise funds to pay down debt.

07:28 AM BST

Food price inflation will ease, says Deliveroo

Deliveroo said food price inflation is falling as it said that it is increasing the money it takes from a declining number of orders.

The takeaway delivery app said its gross transaction value was up 5pc year-on-year to £1.7bn in the third quarter despite a moderation in the growth of food prices. However, its number of orders slipped up 1pc to 69.7m.

Founder and chief executive of Deliveroo Will Shu said:

07:14 AM BST

London retakes crown as Europe's largest stock market

London has recaptured its status as the largest stock market in Europe by dollar value amid a rally in oil prices and the slide in the pound.

The combined market capitalisation of primary listings in the capital is now $2,888.4bn, compared to $2,887.5bn in Paris.

Britain lost its status as Europe’s largest stock market last year but has outperformed its peers as the rise in Brent crude to more than $91 a barrel has boosted energy giants Shell and BP.

06:50 AM BST

Good morning

One of the world’s most-influential financiers has given his backing to Sir Keir Starmer, who he said had given him “hope” in politics.

Larry Fink, the chairman and chief executive of BlackRock, the world’s largest fund manager, said the Labour leader had shown “real strength” to bring the party back to the centre ground after the years under Jeremy Corbyn.

He said that he hopes Labour’s transformation is an indication that the age of populism symbolised by Donald Trump is coming to an end in politics.

The boss of BlackRock, which manages assets worth $8.5trillion (£7trn), told the Wall Street Journal: “I was in the UK and I spent time with both parties — the Conservatives and Labour party — and I’m very pleased to see how the Labour party in the UK went from an extremist party with a Marxist leader to Keir Starmer who has shown real strength as a moderate Labour party.

“That actually has given me hope that the pendulum went so far.

“If you think about the UK — the UK was the one that started the high level populism through Brexit and then the populism here led to Donald Trump being president.

“I hope the UK - we will see what happens if Keir Starmer gets elected - but I believe that’s a measurement of hope.”

Mr Fink, a lifelong supporter of the Democrats, had been expected to head the Treasury if Hilary Clinton had beaten Donald Trump in the 2016 US presidential election. However, he has rarely made interventions in UK politics.

A BlackRock spokesman said: “Larry was offering his observations on the transformation of the Labour Party and his view that political parties moving back toward the centre was a measurement of hope. He was not offering an endorsement of any political party.”

5 things to start your day

1) World leaders to warn of ‘catastrophic harm’ from AI at international summit | Draft communique highlights risk of technology being harnessed for bioweapons and cyber attacks

2) Tesla profits hit by electric car price war | Elon Musk has repeatedly cut prices to fend off growing competition

3) Netflix hikes prices in the UK | Subscribers continue to grow despite slowdown in the streaming market

4) Amazon to launch delivery drones in the UK next year | Ecommerce giant’s British launch will come over ten years on from the project’s beginnings

5) Jeremy Hunt poised to overhaul pensions triple lock as Treasury scrambles for cash | Predicted change to pension indexing will see basic payout increase by £837 next year

What happened overnight

Asian shares slid as risk aversion prevailed due to mounting worries over Middle East conflict, while the bond sell-off intensified, taking Treasury yields to fresh 16-year highs ahead of a keenly awaited speech from Fed Chair Jerome Powell.

Investors sought safer assets, keeping gold prices near two-month peaks and the dollar firm. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.4pc.

Wall Street stocks ended sharply after a mixed-batch of quarterly corporate results pushed Treasury yields higher.

The Dow Jones Industrial Average sank 0.98pc to 33,665.08. The S&P 500 lost 1.34pc to 4,314.6 and the Nasdaq Composite dropped 1.62pc to 13,314.30.

The yield on the 10-year Treasury rose to 4.89pc from 4.84pc late Tuesday. It topped 4.90pc earlier in the day for the first time since since 2007.

Asian stocks are set to slide following US peers lower, driven by the continued sell-off in Treasuries and increasing tensions in the Middle East.

Australian shares fell at the open while futures contracts in Japan and Hong Kong pointed to early losses. Oil steadied after extending its rally in the previous session with the US suspending some sanctions on Venezuelan output. Gold also extended gains amid demand for safe-haven assets. The precious metal has now risen over 4pc in the last five days.

Australian and New Zealand bond yields surged in early trading, after rates on Treasuries climbed Wednesday, pushing the dollar higher. Fed Bank of New York President John Williams said interest rates will have to stay at restrictive levels “for some time” to bring inflation back to the central bank’s target.

Meanwhile, traders are preparing for turbulent yen trading amid growing concerns that Japanese authorities will intervene to support the weakening currency as it approaches the 150 per dollar level.

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