Asian Market Wrap:
Asian Market Wrap: Treasury yields declined overnight, and the 10-year rate lifted 1.6 bp to 1.75%, as sentiment improved and central bank decisions come into view. JGBs managed to recover earlier losses and are down -0.3 bp to -0.22%, after the mood as Japan's manufacturers hit a 6 1/2 year low, but other Asian bond markets sold off. Stock markets remained supported during the Asian session as trade jitters continue to ease. Bolton's departure in the U.S. had triggered renewed hopes of a softer stance in the Trump camp and goodwill gestures from both China and the U.S. have rekindled hopes that tensions can be resolved through talks after all. President Trump said he will delay the next U.S. tariff increase on China by about two weeks, after China yesterday published an exemption list of its own tariffs on U.S. imports. There are also reports that Beijing is considering American farm imports. As of 5:00GMT Topix and Nikkei were up 1%, while CSI 300 and Shanghai Comp posted gains of 0.4% and 0.2% respectively and the ASX had advanced 0.2%. The Hang Seng underperformed and dropped -0.2%, after the city's exchange USD 36.6 B takeover bid for London Stock Exchange Group. The focus meanwhile is turning to today's ECB meeting, which is widely expected to bring a cut to the deposit rate, but could disappoint on the QE front and coming ahead of the Fed decision next week, many will see it as a bellwether for easing intensions at global central banks. U.S. and European futures are moving higher and the front end WTI future is trading at USD 56.27 per barrel.