Most Asian share markets were subdued on Friday and the dollar held onto its gains from safe-haven flows, after soft economic data from U.S. and China magnified concerns of a global slowdown, although Japanese stocks outperformed.
between U.S. President Joe Biden and top lawmakers that had been scheduled for Friday has been postponed to early next week, with the IMF warning that a U.S. default would have "serious repercussions" for U.S. economy.
The U.S. dollar benefited from safe-haven flows amid growth concerns and banking worries, holding onto its 0.6% gain overnight at 102.05 against a basket of currencies. The Chinese yuan hovered near its lowest level in two months at 6.948 per dollar, while Sterling nursed losses close to a one-week low of $1.2515.
Treasury yields were slightly lower in Asia, after longer-dated yields declining further overnight on soft data. Benchmark 10-year notes were 2 basis points lower at 3.373%, while two-year yields were 3 bps lower 3.876%.stuck to the script by raising its key interest rate by a quarter of a percentage point to 4.5% on Thursday. It, however, vowed that it would "stay the course" to curb the highest inflation of any major economy.
Oil were licking wounds after taking a hit on China. U.S. crude futures edged up 0.1% to $70.96 per barrel, while Brent crude was little changed at $74.97 per barrel.Our Standards:
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