Powell emphasises the Fed's commitment to price stability as it raises interest rates - Asia Market Wrap

23 Mar 2023 02:46AUD Australia Japan JPY KRW New Zealand NZD South Korea US Bonds US Indexes USD

- Asian stocks were expected to be relatively tranquil on Thursday after US Treasury Secretary Yellen shook US bank stocks as the Federal Reserve resisted bets on interest rate reduction this year.

- Benchmark indexes in Japan, South Korea, and Australia pared losses, while important gauges in Hong Kong and Shanghai gained somewhat. US share futures rose on the back of lessening fears.

- The dollar's weakness, which extended its losing streak to a sixth day, was seen easing the impact in Asia, particularly in emerging markets.

- Government bond yields in the region opened lower, with losses of less than 10 bps in Australia and New Zealand following strong drops in Treasuries rates on Wednesday. US yields began the day slightly higher.