Stocks gain, US treasury yields rise as banking fear eases

A floor trader walks during afternoon trading at the Hong Kong Stock Exchange in Hong Kong, China September 26, 2016. Picture taken September 26, 2016. REUTERS/Bobby Yipby First Citizens BancShares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector.edged up 0.3% by early morning Hong Kong time. U.S. stock futures, the S&P 500 e-minis , were up 0.21%.

"This round of uncertainty that we're seeing, it will likely continue for some more time," said Manishi Raychaudhuri, Asia-Pacific head of equity research at BNP Paribas. "We haven't seen the end of it." He expects continued volatility for global markets going forward for at least one or two quarters.

"On one day, the market expects maybe a 25 basis points or maybe a 50 basis points rate hike. Just in a matter of one or two days, that outlook is changed to 50 basis points rate cuts in the second half of the year," he said.as a deal for Silicon Valley Bank's assets helped to boost bank shares, while technology-related stocks dipped amid profit taking after a strong quarter.

Benchmark 10-year yields rose to 3.5317%, up from its U.S. close of 3.528% on Monday. They are also up from a six-month low of 3.285% reached on Friday, but remain below a 15-year high of 4.338% from Oct. 21.

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