A pedestrian walks past an electronic screen displaying the Hang Seng Index, left, and the Hang Seng China Industry Top Index in Hong Kong. Picture: BLOOMBERG/CHAN LONG HEI
“Markets may soon start to take into account a greater risk of a conflict flare-up between Russia and Ukraine, which is one reason why stocks may continue to sell and why treasury yields aren’t on a one-way ticket higher.” The sell-off hit bonds as well, pushing US treasury yields to two-year highs on Wednesday, and taking Germany’s 10-year yield into positive territory for the first time since May 2019 as investors bet policymakers will curb years of stimulus to fight rising inflation exacerbated by supply chain disruption.
Chinese monetary authorities have signalled that they will take more easing steps in 2022 to shore up slowing growth in the world’s second-largest economy. Data released on Monday showed weakness in consumption and the property sector darkening the outlook despite a strong headline growth figure. The modest gains in Asia came after investors on Wall Street looked past robust earnings at the outlook for inflation and rate rises.
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