Asian stocks fluctuate, bond yields Slip
bond yields slipped as traders took to the sidelines ahead of the US Thanksgiving holiday.
Shares in Japan swung between gains and losses while those in Australia climbed alongside Hong Kong equity futures. Contracts for US stocks edged up after the S&P 500 fell 0.4% Wednesday, retreating from a record high in the prior session. The Nasdaq 100 dropped 0.9% as tech stocks weighed on the US market. Nvidia Corp. and Tesla Inc. were among the hardest hit big-tech companies.
Selling in US stocks was accompanied by buying in Treasuries on Wednesday as investors sought the safety of US government debt, pushing the 10-year yield as low as 4.22%. Australian and New Zealand yields fell early Thursday, echoing the moves. Asian trading of Treasuries will be closed on Thursday to observe the Thanksgiving holiday.
The yen edged lower early Thursday after climbing more than 1% against the greenback to trade at its strongest since late October. A gauge of dollar strength steadied on Thursday after falling 0.7% on the previous day.
In a thin trading session ahead of the holiday, data showed the Fed’s preferred measure of underlying inflation picked up. While in-line with estimates, the core personal consumption expenditures climbed 2.8% from October last year. Separate figures showed the economy expanded at a solid pace.
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