MSCI’s broadest index of Asia-Pacific shares outside Japan was flat after U.S. stocks ended the previous session with mild gains. The index is up 2.9% so far this month.
The yield on benchmark 10-year Treasury notes reached 3.9675%, compared with its U.S. close of 3.983% on Monday.
The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 4.8945% compared with a U.S. close of 4.894%.
Australian shares were 0.1% lower after being down 0.3% earlier in the session, while Japan’s Nikkei stock index rose 0.5%.
Australian stocks were dragged down by resource majors BHP Group and Rio Tinto, which analysts said were weaker on the back of China’s growth target being set at about 5% for 2023.
“The lack of any new stimulus measures meant China is currently content with just stabilising its economy, a move which wasn’t seen as supportive for global growth,” Ord Minnett analysts said.
“In response,…
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