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Asian stocks mixed as treasury yields stabilise from seven-year peak

Adam Haigh and Andreea Papuc | Bloomberg/Sydney 11 Oct 18 | 01:48 AM

Photo: Reuters

Asian stocks traded mixed on Wednesday, as yields on Treasuries retreated from a seven-year peak. The dollar edged lower against major currencies.

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Shares in Japan rose after four days of losses, while those in China reversed gains. Hong Kong stocks outperformed their South Korean counterparts, lagging after a holiday.

Earlier, the S&P500 Index was dragged down by materials shares, after a profit warning in the sector, while technology shares rebounded from a three-day rout. Treasuries steadied with the yield on the 10-year benchmark little changed at 3.21 per cent, while the greenback remained under pressure after US President Donald Trump said the Federal Reserve is moving too fast with interest-rate hikes.

Asian investors are assessing increasingly attractive valuations against a backdrop of deepening US-China tensions and a surge in volatility for stock and bond markets.

Bear markets for equities in China and Hong Kong contrast with American equities that remain close to all-time highs. China’s yuan remains weak after steps this week from authorities to spur lending in the economy. New lending and money-supply data, due as soon as Wednesday, will be closely watched as Beijing strives to support flagging growth.

Elsewhere, American crude held near $75 a barrel as Hurricane Michael curtailed offshore oil production and the IEA issued a warning to the global market.

The pound nudged up after the Times reported that a group of between 30 and 40 Labour members of Parliament will defy Jeremy Corbyn and endorse a less hard-line proposal to prevent a no-deal Brexit.            

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Sun Pharma.Inds.608.402.52
Kotak Mah. Bank1,199.551.83
Vedanta211.151.51
Hind. Unilever1,579.201.16
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