Investors pay attention to U.S. Treasury bond yields, and Asia-Pacific stock markets are mixed

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SINGAPORE-In early trading on Wednesday, Asia-Pacific stock markets were mixed. Investors are paying close attention to the trend of U.S. Treasury yields.

In Japan, the Nikkei 225 Index fell by 0.13%, while the Toxi Stock Index rose by 0.23%. The Japanese market is closed for a holiday on Tuesday.

South Korea’s Kospi rose 0.5% because chip maker SK Hynix’s stock price rose about 2% and then gave up some of the gains.

According to data from the Ministry of Trade and Industry, in other parts of Asia, Singapore’s economy grew by 7.1% year-on-year in the third quarter. This is higher than the 6.5% year-on-year growth estimated by the official earlier.

Australia’s S&P/ASX 200 index is hovering near the flat line.

Since President Joe Biden announced the renomination of Jerome Powell as chairman of the Federal Reserve, the yield on the benchmark 10-year US Treasury note has risen. Its final price was 1.6651%, while the level earlier this week was about 1.55%.

In terms of other central bank developments, the Reserve Bank of New Zealand will release its interest rate decision and monetary policy statement at 9 am Hong Kong/Singapore standard time.

CNBC Pro’s stock selection and investment trends:

The rise in U.S. Treasury yields put pressure on Wall Street’s technology stocks, and the Nasdaq Composite Index fell 0.5% to 15,775.14 in the United States overnight. Higher interest rates are generally regarded as detrimental to high-growth companies in industries such as technology, because in the context of rising short-term yields, their future earnings do not look so attractive.

At the same time, the Dow Jones Industrial Average rose 194.55 points to 35,813.80, while the Standard & Poor’s 500 Index rose about 0.17% to 4,690.70.

currency

The U.S. dollar index, which tracks the U.S. dollar against a basket of currencies, was at 96.491 after climbing from below 96.4 earlier this week.

The yen-dollar exchange rate weakened from below 114.5 earlier this week, and the exchange rate against the dollar was 115.19. The Australian dollar was quoted at $0.7222 against the U.S. dollar, still below the level above $0.73 seen last week.


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