Asian Market Wrap:
Asian Market Wrap: 20-year Treasury yields are up 0.4 bp at 2.943%, the 10-year JGB yield underperformed and climbed 1.0 bp to 1.03% as stock markets moved mostly higher across Asia, with trade quieter than usual as the summer lull sets in. Bourses in mainland China outperformed and the CSI 300 rose 1.64%. Topix and Nikkei managed gains of 0.63%$ and 0.65% respectively, despite a stronger yen, which was underpinned by a Reuters report suggesting the BoJ had considered hiking rates this year. The Hang Seng rose 0.95%. Earnings reports and a higher oil prices had already underpinned a higher close in the U.S. and the positive mood spilled over into the Asian session, although trade jitters and geopolitical concerns continue to lurk in the background. The ASX meanwhile underperformed and lost -0.42% despite the RBA held its interest rate steady once again while maintaining a tightening bias, although with the inflation forecast cut slightly, the RBA is expected to remain on hold well into next year. U.S. stock futures are moving higher and the front end Nymex future is also up and the September contract trading slightly above USD 69 per barrel.