China, Hong Kong stocks lift Asian equities; growth worries loom

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Asian equities rose on Thursday, propped up by Hong Kong and China stocks amid growing optimism over an easing of COVID restrictions in the world's second biggest economy even as fears of a slowdown and worries over Fed interest rate rises linger.

fell to near a one-month low. E-mini futures for the S&P 500 fell 0.13%, while Eurostoxx 50 futures was down 0.20%, German DAX futures fell 0.18% and FTSE futures 0.17% lower.

"The thing that stands out is what's going on U.S. Treasury market, there does not seem to be a lot behind the moves, and I think that's what driving most of the rest of the market," said Rob Carnell, head of ING's Asia-Pacific research. The Bank of Canada on Wednesday hinted that its historic tightening campaign was near an end as it raised benchmark overnight interest rates by 50 basis points to 4.25%, the highest level in almost 15 years.

The yield on 10-year Treasury notes was up 5.4 basis points to 3.462%, while yield on the 30-year Treasury bond was up 3.6 basis points to 3.450%.

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