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Amazon helps stocks steady but prospects for rate hikes loom over markets

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Asian equity markets fought for a footing on Friday, supported by an Amazon-led bounce in U.S futures, but oil's rise to a seven-year high kept traders on edge over prospects that interest rates will rise to curb global inflationary pressures.

Still, the backdrop is one of pressure from rising rates which analysts say is unlikely to abate even if U.S. labour data comes in fairly weak later on Friday, as economists expect.

Even anchored Japanese government bonds scaled six-year highs on Friday, taking the five-year yield to zero, as investors girded for the Bank of Japan to follow peers and tighten policy.Treasuries also sold overnight and were steady in Asia, with the two-year yield at 1.2179% and the 10-year yield at 1.814%.

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