Rising US yields begin to bite New Zealand shares and kiwi dollar
Bond yields in the United States are rising as investors become more convinced the Federal Reserve will raise interest rates in December and that's already biting New Zealand shares and the kiwi dollar.
About a quarter of stocks in the benchmark Top 50 Index have fallen more than 10% from their September peaks; phone lines company Chorus and chicken processor Tegel are leading the slump with 17% declines.
The New Zealand dollar has also fallen about 8% against the Australian dollar and about 5%
