Asian Market Wrap:
Asian Market Wrap: Treasury yields backed up from lows and at 2.416% 1.4 bp above yesterday's close, underperforming versus JGB yields, which lifted 0.1 bp to now -0.057%. The stock sell off that was triggered by new U.S. tariffs and China's retaliation measures announced yesterday eased somewhat during the Asian session after some conciliatory comments from U.S. President Trump and likely thanks to suspected buying of state backed players in China. The CSI 300 managed to claw back early losses after the break and was up 0.18% as of 5:36GMT. Topix and Nikkei are still down -0.70% and -0.81%, while the Hang Seng underperformed with a loss of -1.34%, after coming back from yesterday's holiday. President Trump announced that he is putting off taxing the remaining USD 325 B of Chinese goods, while announcing that he will meet with China's President Xi Jinping in June, which fuelled hopes that a deal will be reached eventually. Many feel that governing any agreement long term will be a challenge. but for now markets are taking solace in fresh hopes that an agreement will be found eventually and U.S. futures are posting gains of 0.4-0.7%. The front end WTI future meanwhile is trading at USD 61.15 per barrel, up from an earlier low of USD 60.73.