- Asian equities recovered previous losses after data from China indicated that the Chinese economy is gaining traction. The yuan gained ground.
- Shares available on the mainland China eked out gains, while Hong Kong, South Korea, and Australia cut their losses. China's economy grew faster than projected in the first quarter, as consumers increased their spending after Covid restrictions were lifted.
- The yuan rose both offshore and onshore, while the dollar held steady following two days of advances. Government bond yields in Australia and New Zealand climbed in response to overnight changes in US Treasuries.
- Treasury rates decreased marginally, with the two-year note yielding just under 4.2%. Fed's Barkin wants to see more evidence that US inflation is returning to the central bank's 2% target. Manufacturing activity in New York state surprisingly increased in April for the first time in five months, as new orders and shipments rebounded.
