Stocks extended gains in Asia after a rebound in the final hour of New York trading as investors shifted positions ahead of a flurry of central bank decisions this week led by the Federal Reserve. MSCI Inc.’s Asia-Pacific equity index advanced for the first time in six days.
Hong Kong stocks rallied amid a report that Hong Kong plans to relax Covid curbs for travelers. Japan’s Nikkei 225 earlier jumped by as much as 1.2% after traders returned from a holiday.
S&P 500 and Nasdaq 100 futures edged higher. Treasury 10-year yields hovered near 3.5% while yields on the more policy-sensitive two-year rate hit the highest since 2007 and are poised to crack above 4%, amid fears that an overtightening of monetary settings raises the odds of a hard landing.
Investors are on tenterhooks as they await policy decisions that are expected to bring hefty rate hikes from the US, UK and Sweden. Decisions are also due in Japan, Switzerland, Indonesia, Norway and the Philippines, among others.
