Asian shares, U.S. yields rise as investors reassess rout

Asian shares and U.S. treasury yields rose on Wednesday, clawing back some of the week’s losses as investors reassessed economic worries, but the dollar was firm on concerns over the impact of a fast-spreading coronavirus variant. According to Reuters, rising COVID-19 infections have rocked global markets this week as investors dumped risk assets, seeking stability in safe haven assets like bonds.

That sent stocks tumbling and pushed the benchmark U.S. 10-year yield to fivemonth lows on Tuesday. But on Wednesday, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.17 per cent, trimming its losses for the week to around two per cent, while Japan’s Nikkei rose 0.90 per cent after touching six-month lows a day earlier. Sentiment in Japan was supported by a jump in exports in June, led by U.S. demand for cars and China-bound shipments of chip-making equipment, boosting hopes for an export-led recovery.

Australian shares were up 1.21 per cent, Chinese blue-chips added 0.76 per cent and Taiwan shares rose 0.27 per cent. Seoul’s KOSPI slipped 0.14 per cent as South Korea reported a daily record of novel coronavirus cases. “The level of volumes, the level of sporadic whipsaw price action I think is telling you that there’s not a lot of conviction one way or another,” said Kay Van- Petersen, global macro strategist at Saxo Capital Markets in Singapore.




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