Asian Market Wrap:
Asian Market Wrap: Bond markets benefited as Asian stock markets headed broadly south in the wake of the Fed announcement, weak Chinese data and fresh trade jitters. Topix and Nikkei are down -0.60% and -0.61%. The Hang Seng lost -0.73% and the CSI 300 is down -0.56%. The PBOC didn't follow the Fed and hike rates, as had been speculated, but Trump said he will confront China "very strongly" over trade in coming weeks and a number of key data of of China, including retail sales and industrial output missed estimates, which added to concerns over a softening economy. Bond markets benefited from the sell off in stocks and even Treasury yields fell back from earlier highs and are at 2.942%, down -2.4 bp on the day. 10-year JGBs are down -0.8 bp at 0.030%. So bond markets at least seem to have pretty quickly moved past the hawkish Fed and the 10-year Treasury is actually below the levels seen ahead of the announcement.