Asia Stocks to Catch Breath After Wild Bond Moves: Markets Wrap

-- Asian stocks are set for mild gains following wild swings in Treasuries overnight and the lowest S&P 500 close since May. Oil edged higher after sinking Monday as the next stages of the Israel-Hamas war remain clouded.Treasury 10-Year Yield Breaches 5% for First Time Since 2007Australian stocks saw small gains in early trading, while futures point to a bump in Japan shares. In the US, the S&P 500 fell for a fifth straight session — its longest slide this year.

Some of the market’s most prominent bond bears are saying the historic rout in US Treasuries has gone too far. Billionaire investor Bill Ackman wrote in a social media post that he unwound his bet against US government bonds amid rising global risks. Bill Gross, co-founder of Pacific Investment Management Co., wrote that he’s buying short-dated interest-rate futures in anticipation of a recession by year-end.

Elsewhere, Bitcoin topped $31,000 to reach the highest price since May last year, extending a rally fueled by expectations of fresh demand from exchange-traded funds. Argentina’s dollar bonds were the worst performers in emerging markets as investors fret over a presidential runoff between the nation’s economy minister and a radical libertarian.Nvidia is using Arm Holdings Plc technology to develop chips that would challenge Intel Corp.

Roche Holding AG will pay $7.1 billion to acquire Telavant Holdings Inc., a developer of a promising therapy for treating inflammatory bowel disease. United Auto Workers union members at Stellantis NV’s lucrative truck plant in Sterling Heights, Michigan, walked off the job Monday morning, a surprise hit designed to extract further concessions in the sixth week of the strike against Detroit’s three biggest automakers.

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