Stocks advanced, with US futures bouncing back from tech earnings worries while Hong Kong’s benchmark gauge rallied for a second day. An index of global shares headed for a fifth day of gains, its longest stretch in more than two months, amid growing expectations of moderating US rate hikes.
A tech rally powered Hong Kong shares to further erode losses incurred earlier this week after President Xi Jinping tightened his grip on power.
Japanese stocks led declines in Asia. The dollar stabilized after a two-day drop and the offshore yuan gave up some of Wednesday’s gains. The yield on the 10-year Treasury bond sat around 4% after inching below the threshold earlier, with investors positioning for less aggressive rate hikes as earnings and economic data indicate a slowdown.
The benchmark US yield has dropped more than 20 basis points over the past two days. Amid the challenges for equities investors, central banks are providing some optimistic signals that less aggressive monetary tightening may be on the horizon.
