Asian Market Wrap:
Asian Market Wrap: 10-year Treasury yields are down -0.8 bp at 1.637%, JGB yields fell back -1.4 bp to -0.341% after falling to the lowest level since 2016 during the course of the session. Risk Aversion continued to dominate during the Asian session and stock markets headed south after the S&P fell more than 1% on Monday. Bond markets remained supported as investors continue to bet on further central bank action with trade concerns, Brexit risks and political unrest in Hong Kong adding to the risk off backdrop. U.S. 30-year rates are nearing all time lows with Argentina default risks only boosting the flight to quality that is seeing a marked flattening of the curve. In Asia escalating political protests in Hong Kong remain in focus and Australia's 10-year bond yield opened at a fresh all time low. China's 10-year rate meanwhile fell below 3% for the first time since 2016 before steadying slightly above the 3% mark. Stock markets not surprisingly remained under pressure in this environment and Topix and Nikkei both fell -1.1%. The Hang Send lost -1.7% and CSI 300 and Shanghai Comp corrected -1% and -0.7%, while the ASX is currently -0.3% lower. Yields as well as most stock markets are off intraday lows, however, and U.S. futures are posting slight gains. The front end WTI future meanwhile is trading at USD 54.81 per barrel.