- A measure of Asian shares sank after ongoing concerns over the health of US banks ended Wall Street's 4-day winning streak. The New Zealand dollar increased when the central bank boosted interest rates more than expected.
- The MSCI regional benchmark was set to finish a 6-day surge as it fell roughly 0.4% Wednesday, with finance stocks among the weakest performers. As the S&P 500 fell 0.6%, contracts for US equities remained stable. The Chinese markets are closed for the holiday season.
- The dollar fell against the majority of G-10 currencies, with the New Zealand and Australian dollars leading the way.
- The New Zealand dollar rose to its highest level since mid-February after the central bank unexpectedly raised interest rates by 50 bps. Government bonds increased in value.
- The 2-yr Treasury yield rose slightly after declining as much as 14 bps in the US session as data showed a drop in job openings. This bolstered bets the Federal Reserve is about to wrap up its tightening campaign. Treasuries underwent one of the most turbulent quarters in years in the period through March amid fears of contagion from the banking sector’s turmoil.
