Asian Market Wrap:
Asian Market Wrap: 10-year Treasury yields are up 2.0 bp at 1.547%, JGB yields have risen 0.4 bp to -0.241% in tandem with Chinese 10-year rates and amid uneven developments across bond markets overnight. Bonds rallied yesterday on stimulus hopes and recession fears and the U.S. 30-year rate touched a low of 1.916%, while Fed fund futures priced in as much as 50 bp easing in September, after ECB's Rehn suggested that its better to overshoot rather than undershoot market expectations on further support, which boosted hopes of decisive global easing measures. Treasury yields have backed up from yesterday's lows, but stock markets nevertheless managed to stabilise despite conflicting signals on the trade front. China and Hong Kong outperformed amid hopes of additional stimulus helped to underpin sentiment after China's state planner said Beijing will roll out a plan to boost disposable income. Topix and Nikkei are currently up 0.12% and 0.04% respectively. The Hang Seng gained 0.98% and CSI 300 and Shanghai Comp are up 0.70%. U.S. futures are also moving higher and the front end WTI future is trading at USD 55.35 per barrel.