Asian Stock Market: S&P500 Futures, yields join central bank, growth chatters to tease bears

RBI keeps rates unchanged but multiple China state banks cut rates.Mixed mood prevails but higher yields, downbeat S&P500 Futures weigh on Asian shares.in the Asia-Pacific region remains sluggish, mostly downbeat, amid fears of slower economic recovery due to hawkish central bank actions. Adding strength to the downbeat risk profile could be mixed headlines from China, Australia and Japan, as well as due to the upbeat US Treasury bond yields.

While portraying the mood, S&P500 Futures extend Wednesday’s losses to 4,265, down 0.25% intraday, whereas the US 10-year Treasury bond yields grind near 3.79% after rising the most in five weeks the previous day. That said, MSCI’s Index of Asia-Pacific shares ex-Japan drops 0.60% while Japan’s Nikkei 225 prints 1.4% intraday losses heading into Thursday’s Asian session.

It should be noted that the Reserve Bank of India keeps the benchmark Repo rate unchanged at 6.5% by matching market forecasts after June’s monetary policy meeting. However, a slew of Chinese state banks including the Industrial and Commercial Bank of China, Bank of China and Construction Bank cut their benchmark rates. The same raises speculations that the Chinese central bank, namely the People’s Bank of China , will also cut the rates.

Elsewhere, hawkish concerns about the Reserve Bank of Australia and the Reserve Bank of New Zealand join the downbeat sentiment in China to weigh on the stocks in Australia and China. On a broader front, the risk profile soured on the latest Organisation for Economic Co-operation and Development report that said that the global economy is set for a weak recovery over the coming years as persistent core inflation and tighter monetary policy weigh on demand. Also contributing to the risk-off mood were concerns that the Fed isn’t likely to announce any rate hike in June but is expected to unveil a 0.25% rate lift in July.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market's fear gauge hits lowest level in 3 years amid new bull marketThe stock market's fear gauge just hit its lowest level in 3 years as a new bull market kicks off
Source: BusinessInsider - 🏆 729. / 51 Read more »

5 things to know before the stock market opens TuesdayHere are the most important news items that investors need to start their trading day.
Source: CNBC - 🏆 12. / 72 Read more »

Stock Market News: SEC sues Coinbase, Apple shares slip, JPMorgan CEO on Capitol HillStocks seek direction as investors await Federal Reserve meeting, Coinbase shares sink after SEC sues the crypto exchange, Apple’s stock pulls back from all-time high after sweeping product unveil and JPMorgan CEO Jamie Dimon on Capitol Hill. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Stock Market Crash: Top Strategists Warn Trouble Brewing Under SurfaceStocks are up big this year. But top Wall Street strategists are warning that trouble is brewing under the surface of the market — threatening to sink it.
Source: BusinessInsider - 🏆 729. / 51 Read more »

5 things to know before the stock market opens WednesdayHere are the most important news items that investors need to start their trading day.
Source: CNBC - 🏆 12. / 72 Read more »

This fund's active management has worked well through a rough stock-market cycleThe Heartland Value Plus fund identifies under-the-radar companies, focusing on quality and dividends.
Source: MarketWatch - 🏆 3. / 97 Read more »