Asian markets extended a risk rally on Wall Street to end a tumultuous week that saw a brewing banking crisis send bond yields plunging while market participants sharply lowered expectations of future interest rate hikes in Western economies. | Reuters
China’s blue chips increased 0.8 and Hong Kong’s Hang Seng Index surged 1.2 percent.
“The ECB is trying to draw clear lines between its inflation fight and its job of maintaining financial stability. This is a theme other central banks are likely to echo,” said James Rossiter, head of global macro strategy at TD Securities. Two-year Treasury yields continued to climb on Friday, rising 8 basis points to 4.2137percent and pulling away from a six-month low of 3.72 percent touched earlier this week. Yields were, however, headed for the steepest weekly decline since February 2020 when markets were thrown into chaos by COVID-19 fear.
The euro steadied at $1.0615, after having received a boost from the ECB’s half-point hike overnight.
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