Stocks wobble as China lockdowns drag; yen wallows

SINGAPORE : Oil and stock markets were under pressure on Wednesday on worries about the fallout from China's pandemic lockdowns, while the yen slightly extended its record losing streak as traders put Japan's ultra-easy monetary policy settings to the test.

MSCI's broadest index of Asia-Pacific shares outside Japan was steady as modest losses in Hong Kong and Shanghai offset gains in Sydney. Japan's Nikkei trimmed early gains to stand 0.5 per cent higher by mid morning."COVID lockdowns and shipping delays and backlogs may have heightened worries ," said Moh Siong Sim, a strategist at the Bank of Singapore.

Benchmark 10-year Treasury yields were within a whisker of 3 per cent on Wednesday and inflation-protected yields were in positive territory for the first time since 2020. The yen, which has tumbled at the same time as Japan - by contrast - vows to stick with ultra loose monetary policy and keep its government bond yields anchored near zero, wallowed at a two-decade low on Wednesday and fell on crosses.

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