Stocks gain, bond markets sell off in Asian trading

Lola Evans
04 Apr 2022, 17:35 GMT+10

Stocks in Hong Kong and mainland China were in demand Monday.
"We now expect the Fed to hike by 50 basis points in May, June, and July."
"This will bring the funds rate into restrictive territory sooner, with 2.50-2.75% by year-end 2022."

SYDNEY, NSW, Australia - Stocks in Hong Kong and mainland China were in demand Monday. Bond markets were under pressure as interest rates continued to rise on inflation fears. Two-year U.S. Treasuries were yielding 2.49 percent Monday, rising well above the 10-year yield at 2.41 percent.

"We now expect the Fed to hike by 50 basis points in May, June, and July, before dialing the pace back slightly by delivering 25 basis points hikes at the September, November, and December meetings," Kevin Cummins chief U.S. economist at NatWest Markets told Reuters Monday.

"This will bring the funds rate into restrictive territory sooner, with 2.50-2.75% by year-end 2022."

China's Shanghai Composite tacked on 30.52 points or 0.94 percent to close Monday at 3,282.72.

In Japan, the Nikkei 225 added 70.49 points or 0.25 percent to 27,736.47.

The Australian All Ordinaries advanced 33.00 points or 0.42 percent to 7,818.90.

In New Zealand, the S&P/NZX 50, went against the trend, declining 36.24 points or 0.30 percent to 12,053.19.

South Korea's Kospi Composite rose 18.05 points or 0.66 percent to 2,757.90.

In Hong Kong, the Hang Seng surged .462.76 points or 2.10 percent to 22,502.31

The U.S. dollar was quiet during the Asian trading zone Monday. The euro was softer, falling to 1.1037. The British pound strengthened a touch to 1.3130. The Japanese yen was little changed at 122.55. The Swiss franc eased to 0.9254.

The Canadian dollar edged up to 1.2498. The Australian dollar was unchanged at 0.7510. The New Zealand dollar was a tad higher at 0.6936.

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