Asian Market Wrap:
Asian Market Wrap: Long yields extended gains overnight and the 10-year Treasury yield is up 1.3 bp at 3.015%, 10-year JGBs up 1.2 bp at 0.049%. Speculation about central bank tightening is back and the rise in yields as investors try to assess the outlook for global trade ahead of a meeting in Washington between U.S. and Chinese officials is putting pressure on stock markets. U.S. indices still managed marginal gains yesterday, but across Asia most markets are slightly down. A weaker yen helped Japanese markets and the Topix is unchanged, the Nikkei down -0.14%. The Hang Seng, which outperformed yesterday, is underperforming and down -1.17%. The CSI 300 has lost -0.315, amid a number of data releases suggesting economic momentum broadly held up. U.S. futures are also heading south. Oil prices are little changed and trading slightly below USD 71 per barrel.