Asian Market Wrap:
Asian Market Wrap: Treasury yields fell back after the White House denied reports that the administration was mulling payroll tax cuts in order to boost consumer spending. The 10-year rate is down 1.5 bp at 1.591%, JGB yields dipped -0.1 bp to -0.241%. U.S. President Trump called on the Fed to cut rates by "at least 100 basis points". Fed's Rosengren meanwhile pushed back against further rate cuts, saying that he is not convinced that slowing trade and global growth will significantly dent the economy. Trade talk hopes and expectations of further stimulus measures kept stock markets underpinned during the Asian session, although after outperforming yesterday, markets in Hong Kong and mainland China fluctuated. Comments from U.S. Commerce Secretary Ross that the U.S. will delay restrictions imposed on some of Huawei's business operations helped to underpin sentiment, although . Investors continue to look ahead to comments from Fed Chairman Powell at the Jackson Hole symposium on Friday. Topix and Nikkei are currently up 0.7% and 0.5% respectively. The Hang Seng is up 0.09% but the Shanghai Comp down 0.01%. U.S. stock futures are up around 0.1% and the front end WTI future is trading at USD 56.30 per barrel.