Asian markets steady as investors await Fed chair’s testimony
Asian financial markets were little changed on Tuesday as investors awaited congressional testimony from Federal Reserve Chair Jerome Powell due to start later in the day for clues on the central bank’s next move on interest rates.
MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was flat after U.S. stocks ended the previous session with mild gains. The index is up 2.9% so far this month.
The yield on benchmark 10-year Treasury notes reached 3.9675%, compared with its U.S. close of 3.983% on Monday.
The two-year yield , which rises with traders’ expectations of higher Fed fund rates, touched 4.8945% compared with a U.S. close of 4.894%.
Australian shares (.AXJO) were 0.1% lower after being down 0.3% earlier in the session, while Japan’s Nikkei stock index (.N225) rose 0.5%.
Australian stocks were dragged down by resource majors BHP Group (BHP.AX) and Rio Tinto (RIO.AX), which analysts said were weaker on the back of China’s growth target being set at about 5% for 2023.
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