- Following a holiday for US markets, Asian shares fell in subdued trading on Wednesday. Treasury yields fell, and major currencies traded in narrow ranges.
- Japan, China, and Australia's equities all fell. The S&P 500 and Nasdaq 100 futures both fell slightly.
- Hong Kong shares fell further and the offshore yuan reversed an earlier gain after the Caixin China purchasing managers' index came in lower than expected, highlighting concerns about the economy. Previously, the central bank maintained its support for the currency in its daily fix.
- Given the US Independence Day holiday, global stock market trading was light on Tuesday. The Stoxx 600 in Europe gained ground despite trading volume that was a third lower than the 30-day average.
- As trading resumed on Wednesday, the yield on the two-year Treasury fell nearly four basis points to 4.9%. The 10-year yield was about 3.84%. On Monday, the two-year yield outpaced the 10-year yield for the first time since March, when the key 2s10s segment of the yield curve became the most inverted since the 1980s.
