- Asian markets were mixed, with Chinese technology sectors falling, but treasuries and the dollar remained firm as traders assessed the potential of faster monetary tightening to combat high inflation.
- China's tech woes contrast with an overnight surge in a slew of mega-cap US tech giants. This helped the Nasdaq 100 and S&P 500 reach new highs in a turbulent session ahead of Friday's options expiration. Futures in the US edged higher.
- Equities in Japan and China varied but retreated in Hong Kong, where Alibaba Group led to a drop in a major tech measure. Alibaba reduced its revenue forecast for fiscal 2022 due to increased competition, declining consumer spending, and Beijing's regulatory restrictions.
- Treasuries were little changed, while the dollar index was on track for a fourth weekly gain. The last treasury bill auctions indicate that investors are beginning to demand higher yields to retain the shortest-maturity debt as the drama over raising or suspending the US debt ceiling resumes.
