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Asian stocks rise for third straight day, bond market gains pause

SINGAPORE (Reuters) – Asian stocks rose for a third straight day on Tuesday as gains in bond markets paused and investors curbed enthusiasm that global interest rates may be peaking.

The Reserve Bank of Australia (RBA) is due to make a policy decision at 3:30 GMT, when market focus will center on whether it will raise interest rates.

Due to the high core inflation rate in the last quarter, the market expects the Reserve Bank of Australia to raise its benchmark cash rate to a four-year high of 60.12%, with a probability of about 35%.

Overnight, the Australian dollar was under mild pressure at $0.6495 in early Asian trade on rising U.S. Treasury yields and a rebounding dollar. Australian government bond futures fell slightly, with the ASX200 Index, which has risen for five consecutive sessions, down 0.4 percent.

The broadest index of Asia-Pacific shares outside Japan, released by Morgan Stanley Capital International (MSCI), fell 0.6 percent after rising for a third straight day, gaining nearly 6 percent. Japan’s Nikkei fell 0.8%.

The Federal Reserve left interest rates unchanged last week and a modest jobs report released Friday reinforced bets that the U.S. may not raise rates again in the current cycle.

The yield on the two-year U.S. Treasury note rose nearly 11 basis points overnight, though that only partially recouped last week’s 18-basis-point drop. the yield on the 10-year Treasury note rose 30 basis points on Monday but fell nearly <> basis points last week.

Overnight, the Nasdaq rose for a seventh straight session, its longest streak since 0. However, the Nasdaq was up only 3.<>% as the rally weakened. Futures on Europe’s Standard & Poor’s 500 index fell 0.2 percent each.

“We’ll need a couple more weeks of data to know where we’re headed,” said Ben Bennett, Asia-Pacific investment strategist at Legal & General Investment Management.” In the meantime, stocks could be hit by economic noise.

China’s trade data will also be released later.


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