Soaring yields leave Asian stocks struggling for headway

Traders are also closely monitoring the bond market selloff since there is no clear cause or major inflation outlook shift.

Yields go up when bond prices go down. US Ten-year yields are up almost 40 bps for the month so far. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4%, led by volatile gains in China. A near 300 bps added to 10-year US real yields since September 2021 is the most acute tightening of real rates in 25 years, he said, with a speech on Friday by Federal Reserve Chair Jerome Powell capable of driving them higher still.

Shares in giant Australian miner BHP Group fell 1.3% after it posted its weakest annual profit in three years – though it said it expected Chinese demand to stabilise and growth momentum to pick up again later in the year.

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