Asian stocks track Wall St rally as treasury yields retreat

US chip giant Nvidia’s bullish outlook lifted MSCI’s broadest index of Asia-Pacific equities outside Japan by 0.7% at the start of Asian trading.

“Equities rallied and bond yields retreated as flash PMI data for August signalled weaker economic activity in the US, euro area and UK, fuelling market expectations that central banks may not have to raise rates again,” said analysts at ANZ in a note. Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.7%, also lifted by Nvidia’s bullish outlook.

On Wednesday, US stocks ended sharply higher across the board as shares of Nvidia jumped nearly 10% in trading after the bell, hitting an all-time high after it forecast third-quarter revenue well above Wall Street targets.

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Soaring yields leave Asian stocks struggling for headwayA near 300 bps increase in 10-year US real yields is the most acute tightening of real rates in 25 years.
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