Asia stocks mixed as investors grapple with higher rates

By Julie Zhu HONG KONG - Asia stocks traded mixed on Wednesday and benchmark U.S. Treasury yields were near multi-year highs, as investors sour on both stocks and bonds amid worries aboutBy Julie Zhu

Profits at China's industrial firms fell 11.7% in the first eight months from a year earlier, official data showed on Wednesday. In Australia, inflation picked up in August, driven by a surge in fuel prices, but the gain was in line with expectations.Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%. The index is down 3.7% so far this month. U.S. stock futures, the S&P 500 e-minis, were up 0.13%.

The Dow Jones Industrial Average fell 1.14%, the S&P 500 lost 1.47% and the Nasdaq Composite dropped 1.57%. The 150 yen per dollar level is seen by financial markets as a red line that would spur Japanese authorities to act, as they did last year.

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Asia stocks mixed as investors grapple with higher ratesAsia stocks traded mixed on Wednesday and benchmark U.S. Treasury yields were near multi-year highs, as investors sour on both stocks and bonds amid worries about the impact of higher-for-longer interest rates. The dollar index further rose after hitting a 10-month high on Tuesday, while the Japanese yen came closer to a key level where Japanese officials are seen as potentially intervening to shore up the currency. Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%.
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