Stocks in Asia are set to follow Wall Street lower after solid economic readings and a rally in commodities spurred speculation that major central banks will keep interest rates higher for longer. Equities opened down in Australia, while futures indicated declines in Japan and little change in Hong Kong.
Better-than-estimated data on US job openings and factory goods orders added to skepticism about the pace of Federal Reserve easing, leading traders to project fewer rate cuts in 2024 than the central bank itself and sending 10-year yields to the highest levels since November. That weighed on US stocks — which had been ignoring the repricing of central-bank bets in the last few months amid a torrid rally. "Stock bulls may find it difficult justifying buying stocks at these elevated levels as yields rise," said Fawad Razaqzada at City Index and Forex.co
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