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Asia Stocks Set to Climb as Treasury Yields Recoil: Markets Wrap

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Shares in Asia were poised to advance after US stocks rallied and Treasury yields retreated following lackluster economic reports that support the case for the Federal Reserve to pause interest rate hikes.

Equity futures for Japan, Australia and Hong Kong all rose Thursday, echoing a rally in US equities. The S&P 500 closed 1.1% higher, its best day since June, while the Nasdaq 100 rose 1.6%. Those gains were compounded in early Asia trading as futures contracts for the two benchmarks jumped on bullish earnings from Nvidia Corp.

“There’s been an ongoing debate on whether Nvidia is even more important to the broad trajectory of markets than Fed Chair Powell’s comments from Jackson Hole on Friday,” said Quincy Krosby, chief global strategist at LPL Financial. “The recent surge in bond yields has pushed up mortgage and corporate borrowing rates, contributed to the fall in stock prices, and generated upward pressures on the dollar,” said Krishna Guha, vice chairman at Evercore ISI. “The Fed will have to consider the tightening in financial conditions when setting rates in coming months, including the decision on whether to hike in September.”

In Asia, investors will be keenly watching the daily People’s Bank of China yuan fixing after record levels of official support for the currency, which has weakened on China’s economic outlook. The country’s $2.9 trillion trust industry is also showing signs of strain, adding further pressure on the economy.

 

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