Asian Market Wrap:
Asian Market Wrap: 10-year Treasury yields are unchanged at 1.755%, after erasing overnight losses, but still underperforming versus JGBs and other Asian markets after Fed Chairman Powell sounded cautiously optimistic on the economy, saying he sees "the glass as much more than half full". JGB yields meanwhile corrected -1.4 bp to -0.114%, while yesterday's global stock rally started to fizzle out during the Asian session. Most indices are still higher after confirmation of another U.S.-China phone call on trade, with some media reports suggesting that both sides agree on the broad outlines of a deal. The Hang Seng, which rallied yesterday, underperformed and dropped -0.10%, as there were no signs that HK leader Carrie Lam will make new concessions after the strong support for pro-democracy parties in local elections, which is feared to lead to new protests. Topix and Nikkei meanwhile managed to gain a further 0.2% and 0.4% respectively and CSI 300 and Shanghai Comp lifted 0.3% and 0.2%, while the ASX outperformed and rallied 0.8%. U.S. futures are fractionally higher and in forex markets AUD and NZD gained, while USD-JPY traded little changed at 108.96. The front end WTI future meanwhile fell back to USD 57.87, from highs of over USD 58 per barrel.