Asian stocks were mixed on Tuesday as investors weighed unexpectedly strong US services data and China’s accelerated moves toward exiting its Covid-Zero policy.
Equities fell in Australia, reversed course to rise in Japan and fluctuated in mainland China and Hong Kong. US futures made small gains following S&P 500’s third day of declines.
Australian bond yields were mixed ahead of a central bank decision later on Tuesday. The Reserve Bank of Australia is forecast to raise its key rate by 25 basis points, half the size of the move expected later this month from the Fed. Swaps showed an increase in expectations for where the Fed terminal rate will be, with the market indicating a peak above 5% in the middle of 2023. The current benchmark sits in a range between 3.75% and 4%.
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