Asian Market Wrap:
Asian Market Wrap: 10-year Treasury yields are down -1.3 bp at 2.714%, but yields moved higher across Asia with the 10-year JGB up 1.7 bp at 0.024%, as stocks continue to rally on hopes of a U.S.-Sino trade deal. Talks were extended to an unscheduled third day and Trump tweets suggested progress amid reports that the U.S. President is eager for a deal in order to lift market sentiment. There is also some relief that Trump stopped short of calling a national emergency on the funding dispute for his Mexican border project that has led to a partial government shutdown. After the soothing words from Powell last week markets will get the Fed minutes to digest today, but for now the mood in stocks is decidedly perky, with short coverings on the riskier assets underpinning the move higher and Hang Seng and mainland China courses, which underperformed yesterday, outperformed today. Topix and Nikkei are both up 1.1%, the Hang Seng rallied 2.4%, the CSI 300 1.68% and the ASX 0.98%. Stock futures in the U.S. and Europe are also moving higher and oil prices are trading above USD 50 per barrel.