- Stocks rose during the Asian trading session as bond yields rose and investors focused on central bank decisions and the pace of future rate hikes.
- Tech stocks led a recovery in Hong Kong equities, which had fallen to their lowest level since 2009. Japanese stocks rose as the yen's weakness boosted confidence in the country's exporters. South Korea's benchmark index rose due to advances in technology and EV battery companies.
- After the S&P 500 fell, weighed down by big tech, US equity futures rose. The price of US energy shares had plummeted following news that Biden would ask Congress to consider tax penalties for producers earning record profits.
- Australian bond yields rose ahead of the central bank's expected 25-basis-point rate hike. The likely small increase in policy rates contrasts with the Federal Reserve's expected jumbo hike on Wednesday.
- Treasury yields were little changed following Monday's increases in rates across the curve, which saw two-year US yields climb to around 4.5%. In the midst of the Fed's most aggressive tightening campaign in four decades, swap markets are pricing in a 75-basis-point hike this week.
