- The global stock rally came to a halt in Asia due to a drop in bond yields, which was sparked by lowered expectations about the anticipated pace of monetary-policy tightening to combat inflation.
- Stocks declined in Japan, Hong Kong, and China, where the central bank increased the amount of short-term currency injected into the banking system.
- Investors in China are keeping an eye on Kaisa Group Holdings for the next spark in the property market. Shares in the company and its units were banned in Hong Kong, a day after the developer warned of liquidity problems and missed payments on wealth items it insured.
- US futures fell after technology stocks set a new high on Wall Street. Highlights from the firm included an earnings beat from Airbnb, a disappointing Uber outlook, and a drop in Peloton shares as a pandemic sales boom fizzled.
- US treasuries and the currency continued to rise. Interest-rate futures had priced in two quarter-point Fed Reserve rises in 2022, but the second one was pushed out to 2023. The Fed's chair, Jerome Powell, stated this week that the Fed may be patient with raises. A surprise move by the BoE to maintain interest rates resulted in a global bond rally as investors evaluated the outlook for borrowing costs.
