Government bond yields declined in Australia and New Zealand, tracking moves in Treasuries on Friday, when the rate on 10-year US debt closed back below the closely watched 4% level. Treasuries were little changed Monday in Asia. A gauge of dollar strength fluctuated after a small rise earlier.
A rally in the S&P 500 Friday helped snap a three-week losing streak while the Nasdaq 100 scored its best day since early February. Sentiment remained upbeat despite a report showingin the service sector, as some investors wagered the impact of the Fed’s hikes on the economy would be delayed. A measure of prices paid by service providers showed costs rising at a slower pace, which was cheered by traders.
This week brings a slew of key economic data and events for investors to consider. In Asia, eyes remain on the National People’s Congress in Beijing for any further policy announcements and details that may set the tone for how market friendly – or harsh – regulation will be through this year. Australia’s interest rate decision will be in focus on Tuesday and on Friday comes the last Bank of Japan policy decision under the current governor Haruhiko Kuroda.
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