A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in TokyoSINGAPORE - Asian shares eased away from their lowest levels in 10 months but were on course to clock their worst quarterly performance in a year as worries over elevated interest rates dragged on sentiment, while the dollar held strong.
Japan's Nikkei was 0.10% lower, while Australia's S&P/ASX 200 index rose 0.21%. Hong Kong's Hang Seng Index was up 0.64%. The Chinese markets were closed for a holiday and are on a break next week. "During the most recent Fed press conference, Powell mentioned that while the Fed doesn’t target levels of real GDP, it evaluates whether it poses a risk to achieving the 2% inflation target," said Ryan Brandham, head of global capital markets, North America at Validus Risk Management.
The recent rise in Treasury yields to 16-year highs has cast a shadow over the stock market, with the Federal Reserve's hawkish tilt last week also weighing on risk sentiment. [US/]In Asian hours, the yield on 10-year Treasury notes was down 0.8 basis points to 4.589%, easing away from the fresh 16 year peak of 4.688% it touched on Thursday.
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Asia stocks mixed as investors grapple with higher ratesAsia stocks traded mixed on Wednesday and benchmark U.S. Treasury yields were near multi-year highs, as investors sour on both stocks and bonds amid worries about the impact of higher-for-longer interest rates. The dollar index further rose after hitting a 10-month high on Tuesday, while the Japanese yen came closer to a key level where Japanese officials are seen as potentially intervening to shore up the currency. Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%.
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Asia Stocks Set to Follow End-of-Month US Uptick: Markets WrapStocks in Asia were poised to follow a rebound in the US as the month and quarter draw to a close, while oil’s rally faltered and Treasury yields fell.
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