17 May 2022, Australia, Sydney: The Sydney horizon with the popular OperaHouse Photo: Carola Frentzen/ dpa (Photo by Carola Frentzen/ photo alliance by means of Getty Images)
Carola Frentzen|Picture Alliance|Getty Images
Asia-Pacific markets were blended on Friday as increasing bond yields continue to put pressure on equities in the wake of the U.S. credit downgrade.
IG market expert Tony Sycamore kept in mind the yield on the U.S. 30 year bond increased by 14 basis points over night to 4.30%, taking the yield towards its October 2022 4.42% high.
“The move higher in long end yields is being driven by lumpy bond issuance, resilient data and Fitch’s downgrade earlier in the week,” Sycamore stated.
In Asia, the Reserve Bank of Australia cut the development outlook for the nation in 2023, however stated inflation was “moving in the right direction.” The S&P/ ASX 200 increased 0.19% and closed at 7,3253.
Japan’s Nikkei 225 was up 0.1% and ended the day at 32,19275, while the Topix saw a bigger gain of 0.28% to close at 2,27463
South Korea’s Kospi fell 0.1% to close at 2,6028 and extend its losing streak to 3 days, while the Kosdaq moved 0.21% to end at 918.43
Hong Kong’s Hang Seng index pared earlier gains and climbed up 0.55% in its last hour, while mainland markets were likewise greater. The Shanghai Composite was up 0.23% to close at 3,28808 while the Shenzhen Component increased 0.7%, completing at 11,23806
