- As the collapse of SVB continued to reverberate across global markets, Asian equities fell while bonds rallied.
- Major indexes fell, with Japan's Topix falling more than 3%. Financials bore the brunt of the selloff in Tokyo, reflecting global concerns about the sector after the KBW Bank Index fell by the most since the start of the Covid-19 pandemic on Monday. The Kospi in South Korea has fallen the most this year.
- Policy-sensitive two-year government bond yields in New Zealand fell by around 25 basis points, as did the rate on Australia's three-year maturity. Japan's five-year yield has dropped to its lowest level since early December.
- After its biggest one-day drop in decades on Monday, the yield on the two-year Treasury note rose 10 basis points.
- The dollar has stabilised after losing all of its gains for the year. The yen, Australian dollar, and offshore yuan all rose by more than 1% against the US dollar.
