Bonds Tumble, Stocks Mixed After Strong US Data: Markets Wrap

-- Asian markets were poised for a mixed open after US stocks edged lower and Treasuries sold heavily as solid US factory data reinforced speculation that the Federal Reserve will be in no rush to cut interest rates.Crash or Soar? Traders Are Preparing for Stock Market Extremes

“Investors are indeed front-running the possibility of yet another hawkish pivot from the Fed,” said Jose Torres at Interactive Brokers. “The Fed’s first rate cut may arrive in the second half of the year after all — with probabilities of a reduction this June inching closer to coin-flip odds.” “Monday’s price action in the futures space suggests the pendulum of sentiment in US rates may be shifting toward the hawkish direction — although it goes without saying there remains ample room for expectations to meaningfully shift as more data is revealed,” they noted.

In Asia, data set for release Tuesday includes South Korean inflation data, PMIs for India and meeting minutes for the Reserve Bank of Australia. Australia’s central bank will switch to a new system for the implementation of monetary policy as passive quantitative tightening leads to a decline in reserves in the banking system, RBA Assistant Governor Christopher Kent said on Tuesday.

“Overvaluation alone has not historically been cause for imminent concern,” a Goldman Sachs Group Inc. team led by Ryan Hammond told clients in a note last week. “Periods of overvaluation often persist for nearly a year and are typically benign if the subsequent economic growth environment is healthy.

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