Asian Market Summary:
Asian Market Summary: Yields dipped in Asia. 10-year rates are down -1.0 bp in South Korea after the central bank left policy on hold. 10-year JGBs are down -0.5 bp at 0.032%, 10-year Treasury yields fell back -0.4 bp to 2.859%, after initially trying to move higher. Asian stock markets traded mixed meanwhile, with Chinese investors not only pulling out of mainland equities, but also Hong Kong stocks, leaving CSI 300 and Hang Seng in the red and down -1.57% and -0.44% respectively with large-cap companies leading the way. Nikkei and Topix meanwhile rallied and gained 1.07%/0.88% on a late recovery after stocks initially started to pull back from early highs as U.S. futures declined. Hopes of some respite from global central banks underpinned the latest rally in stocks ahead of Powell's testimony, but the recovery seems to already running out of steam.