Asian Market Wrap:
Asian Market Wrap: 10-year Treasury yields are up 0.2 p at 3.14%, 10-year JGB yields erased earlier gains and are now down -0.4 bp at 0.100%. Chinese bonds outperformed, stock markets once again traded mixed, but with mixed roles today. Japanese equities shrugged off the expected contraction in economic activity in the third quarter that was largely put down to special factors. Topix and Nikkei are up 0.17% and -0.16% respectively. Chinese markets meanwhile, which rallied yesterday on hopes of a new round of trade talks headed south on Wednesday and the CSI 300 is down -0.85%. The Hang Seng lost -0.52%. Data releases today showed some glimmers of hope in better than expected production numbers and investment data. but consumer spending remains sluggish. Concern about the strength of the Chinese economy is spreading and has hit Australia's stock markets. The ASX dropped a further -1.7 bp today as oil prices continue to slide. Without a meaningful catalyst, i.e. a confirmation of fresh U.S-Sino trade talks, the ASX is expected to remain under pressure. U.S. stock futures are also slightly lower, Oil prices remain under pressure and the front end Nymex future is trading at USD 55.25 per barrel.