Asian Market Wrap:
Asian Market Wrap: 10-year Treasury yields are up 2.8 bp at 2.427%, JGB yields climbed 1.8 bp to -0.076% amid a mixed session on Asian stock markets. Japanese markets in particular rebounded from yesterday's sell off after sentiment started to stabilise during the U.S. session yesterday and Wall Street closed little changed. The sharp drop in U.S. bond yields last week and the shape of the yield curve revived fears of a global recession last week, but while yields remain at low levels for now at least the mood seems to be slowly lifting. Markets will continue to keep a very close eye on the spread between the 10-year Treasury yield and three months bills, which is judged to be a key recession indicator and inverted last Friday and this week's U.S. auctions and Fed comments today will also be closely watched. Topix and Nikkei closed with gains of 2.57% and 2.15% respectively. The ASX gained 0.07%, while Hang Seng and Shanghai comp are down -0.15% and -1.35% and the CSI 300 lost -1.07%. U.S. futures are higher though as are European futures. The front end WTI future meanwhile is trading at USD 59.21 per barrel.