Asian stock rise as US bond yields push dollar higher

Most Asian stocks markets were mostly higher Tuesday as a surge in US bond yields pushed the value of the dollar higher against other major currencies.

Japan’s benchmark Nikkei 225 gained 0.7 per cent in morning trading to 22,236.53, helped by the weaker yen. Australia’s S&P/ASX 200 climbed 0.5 per cent to 5,916.40.

Hong Kong’s Hang Seng added 1.1 per cent to 30,580.16, while the Shanghai Composite jumped 2.2 per cent to 3,131.52, recouping losses from the previous day.

However, South Korea’s Kospi lost 0.3 per cent to 2,467.81.

Shares were mixed in Southeast Asia, reports AP.

Shares yielded early gains to end nearly unchanged. The S&P 500 index ended almost flat at 2,670.29. The Dow Jones industrial average fell less than 0.1 per cent to 24,448.69.

The Nasdaq composite gave up 0.2 per cent to 7,128.60. The Russell 2000 index of smaller-company stocks declined 0.1 per cent, to 1,562.12.

The yield on the 10-year Treasury note drew close to 3.0 per cent on Monday. It touched 2.98 per cent but by early Tuesday in Asia had fallen back to 2.96 per cent. It stood at 2.43 per cent at the end of 2017.

Benchmark US crude oil gained 29 cents to $68.93 a barrel. It rose 0.4 per cent to $68.64 a barrel in New York. Brent crude, used to price international oils, gained 22 cents to $74.93 per barrel in London.

The dollar rose to 108.77 yen from 108.71 yen. The euro fell to $1.2213 from $1.2233.