Asian shares were mostly higher Wednesday on hopes that the curbs on U.S. interest rates may moderate after new data showed signs of slowing inflation.
Benchmarks rose in early trading in Japan, South Korea and Australia, while slipping in mainland China. Regional optimism was lifted by the easing of a COVID-19 lockdown in Shanghai. That kind of development is a big plus for the region’s major drive of growth.Benchmarks rose in early trading in Japan, South Korea and Australia, while slipping in mainland China. Regional optimism was lifted by the easing of a COVID-19 lockdown in Shanghai.
Stocks ended slightly lower on Wall Street after investors weighed the inflation data for March, although overall it remained at its highest level in 40 years. Some analysts urged caution. The Dow Jones Industrial Average DJIA and the Nasdaq composite COMP each fell 0.3% after shedding early gains. “Hopefully this is as bad as it gets,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments.
But Treasury yields pulled back on Tuesday following the inflation report. The 10-year yield slid to 2.72% from 2.77% late Monday. It was as high as 2.83% overnight, before the inflation report’s release. The 10-year yield nevertheless remains well above the 1.51% level where it began the year.
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