A tech-fuelled global stocks rally cooled in Asian trade on Thursday as investors took a more cautious posture amid uncertainties around the outlook for inflation and interest rates.
U.S. futures pointed lower though, indicating a 0.28% retreat for the Nasdaq and a 0.23% decline for the S&P .
"Even so, global bond yields have entered a bear phase and investors are likely to demand a higher premium to invest given inflation and policy risks ... so we remain better tactical sellers." Japan's benchmark yield held at a six-year peak of 0.215% amid speculation that more hawkish monetary tightening globally could force some action from the Bank of Japan.
Money markets are certain of at least a quarter point Fed hike next month, and give 1-in-4 odds of a half point increase.
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