- Chinese stocks rose, while other Asian markets pared losses, as factory activity increased in the world's second largest economy.
- The offshore yuan gained about 0.3%, while the Australian dollar, which is particularly sensitive to China's outlook, reversed a sharp drop and gained about 0.1%.
- The Hang Seng China stock gauge rose as much as 3% after data showed China's manufacturing activity increased for the first time in more than a decade. An Asian equity benchmark reversed course and rose, while futures for the S&P 500, Nasdaq 100, and Euro Stoxx 50 all recovered losses.
- A measure of dollar strength was little changed, holding recent gains as investors recalibrated for a higher-than-usual peak in US interest rates.
- Treasury yields continued to rise. The two-year treasury yield increased by more than ten basis points in February, while the 10-year rate increased by more than 40 basis points. Government bond yields in Australia and New Zealand fell.
