Asian stocks inch away from 10-month low, rate jitters linger

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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