While expectations that central banks will slow the pace of interest rate hikes helped a gauge of the region’s equities toward a third-straight week of gains, Hong Kong’s benchmark index fluctuated and Japanese stocks fell. Philippine stocks rose, putting the nation’s benchmark index on course to enter a bull market.
Japan’s Topix fell as the outlook for exporters dimmed with the yen’s recent surge. Sentiment was also damped by a slump in Fast Retailing’s shares after its profit missed estimates. Treasury yields rose slightly after dropping in the US session. Bond yields declined in Australia and New Zealand, tracking moves in US rates. Traders looked past initial disappointment with an in-line US consumer price index to focus on the idea that aggressive monetary policy may be gradually achieving its desired results.
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