“U.S. rates are still the number one driver for the Asia region as far as absolute performance is concerned,” Dan Fineman, Credit Suisse’s co-head of APAC equities strategy told Reuters.
The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 4.88 percent compared with a U.S. close of 4.894 percent. The U.S. February employment report is expected on Friday and any softening in the robust jobs market will be seen as a sign that the Fed’s rate hikes are having their desired effect.
“It’s a very slight recession in the scheme of things. I don’t think you’ll see a deep recession,” he said.
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