Asia stocks mixed as investors grapple with higher rates

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Asia stocks traded mixed on Wednesday and benchmark U.S. Treasury yields were near multi-year highs, as investors sour on both stocks and bonds amid worries about the impact of higher-for-longer interest rates.

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27 Sep 2023

The dollar index further rose after hitting a 10-month high on Tuesday, while the Japanese yen came closer to a key level where Japanese officials are seen as potentially intervening to shore up the currency.

Profits at China's industrial firms fell 11.7% in the first eight months from a year earlier, official data showed on Wednesday. In Australia, inflation picked up in August, driven by a surge in fuel prices, but the gain was in line with expectations.

A Bank of Thailand rate decision is due later in the day.

Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1%. The index is down 3.7% so far this month. U.S. stock futures, the S&P 500 e-minis, were up 0.13%.

Australian shares were down 0.25%, while Japan's Nikkei stock index slid 0.47%.

China's blue-chip CSI300 index was 0.41% higher in