Asian Market Wrap:
Asian Market Wrap: 10-year Treasury yields are up 0.9 bp at 2.055%, JGB yields fell back -0.7 bps to -0.150%, outperforming not only against Treasuries, but also other bond markets in Asia, which were under pressure as stocks moved higher. Markets are pinning their hopes on Saturday's meeting between Trump and Xi Jinping at the side-lines of the G-20 meeting with reports that the U.S. is willing to hold off further tariffs for now helping to bolster confidence, although Trum at the same time threatened additional China tariffs if there is no agreement. The risk is of course that overly optimistic expectations will be disappointed and the same also holds for the Fed and other central banks with markets pricing in deep cuts in the second half of the year. For now though Topix and Nikkei both gained 0.91%, the Hang Seng is up 1.02% and the Shanghai Comp 0.79%. U.S. futures are also posting broad gains, while the front end WTI future is trading at USD 59.17 per barrel.