Traders are also closely monitoring the bond market selloff since there is no clear cause or major inflation outlook shift.
Yields go up when bond prices go down. US Ten-year yields are up almost 40 bps for the month so far. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%, led by volatile gains in China. A near 300 bps added to 10-year US real yields since September 2021 is the most acute tightening of real rates in 25 years, he said, with a speech on Friday by Federal Reserve Chair Jerome Powell capable of driving them higher still.
Shares in giant Australian miner BHP Group fell 1.3% after it posted its weakest annual profit in three years – though it said it expected Chinese demand to stabilise and growth momentum to pick up again later in the year.
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