Asian Market Wrap:
Asian Market Wrap: 10-year Treasury yields are slightly higher at 2.055%, while JGB rates fell back -0.01 to -0.137%. Stock markets were under pressure in Asia as markets trimmed expectations for an aggressive rate cut from the Fed after the Wall Street Journal reported the Fed was likely to cut rates by 25 bp in a first step this month. In Japan PM Abe's ruling coalition won a majority in the upper house of Parliament following yesterday's electon, which leaves some to hope that the country will soften its stance in the ongoing trade conflict with South Korea and return to the negotiating table. Still the majority may not be strong enough to allow for major reforms. Shanghai Comp and Hang Seng are both down -0.8%, the Topix lost -0.5% and the Nikkei -0.3%. U.S. futures are slightly higher though. Tensions in the middle East remain high after Iran seized a British-flagged oil tanker in the Strait of Hormuz last Friday and U.S. crude futures advanced 0.95% to USD 56.15 per barrel. Amazon, Facebook, Twitter, Snap, Intel and Google parent Alphabet are due to report earnings this week. The calendar also includes industrial giants Boeing, Caterpillar, United Technology and Lockheed Martin, plus Tesla, Ford, Harley-Davidson, Coca-Cola, UPS and Visa.