- Stocks fell in Asia, while treasuries rose, as investors considered the latest China data and Fed's Powell's hawkish statements.
- In Japan, stocks increased, but in China and Hong Kong, they plummeted. The Asia-pacific equity index of MSCI extended its winning streak to four days, the longest since February. Futures in the US fell after the S&P 500 gained 2% in a risk comeback.
- Home prices in China declined for the eighth month in a row as measures to combat a real-estate slump failed to boost confidence amid Covid outbreaks.
- Treasury yields have recovered from their Tuesday lows, with the 10-yr yield now at 2.97%. Bonds were hammered overnight after Fed's Powell stated that the Fed would not hesitate to tighten policy beyond neutral in order to combat inflation. The dollar index remained stable.
- The price of crude oil was roughly $113 per barrel. Bitcoin is hanging around $30,300, extending a period of relative quiet for cryptocurrencies.