Asian Stock Market: Bears on the roll ahead of US data, NATO talks in Europe

• Asia-Pacific stocks track Wall Street losses amid cautious markets.
• Yields rebound as Fedspeak remains hawkish ahead of key data.
• Ukraine-Russia headlines, covid news add to the risk-aversion wave but mixed concerns restrict moves.

Global markets print losses as US Treasury yields’ rebound joins firmer oil prices during Thursday’s Asian session. Also underpinning the bearish bias in Asia-Pacific bourses is Wall Street’s first negative day in seven.

That said, the MSCI’s index of Asia-Pacific shares ex-Japan drops 0.70% whereas Japan’s Nikkei 225 printed a 1.0% loss by the press time.

Chinese stocks remain on the back foot with over 1.0% losses even as the US Trade Representative’s (USTR) office mentioned that it will reinstate 352 expired product exclusions from US ‘Section 301’ tariffs on imported goods from China.

Downbeat performance in China joins escalating covid woes in Beijing and Europe to exert additional downside pressure on the stocks in New Zealand, NZD 50 marks 1.07% intraday loss of late. However, Australia’s ASX 200 joins Indonesia’s IDX 50 to buck the trend with mild gains.

Elsewhere, South Korea’s KOSPI also fails to cheer a new appointment at the Bank of Korea (BOK), down 0.80% at the latest.

It’s worth noting that the Wall Street benchmarks dropped more than 1.0% while the US 10-year Treasury yields retreated from a three-year high to 2.30% before regaining a 2.33% level at the latest. That said, S&P 500 Futures seesaws between gains and losses, up 0.11% intraday around 4,452 by the press time.

Further, WTI crude oil also rises over 1.0% as Russian President Vladimir Putin has said, “Russia will seek payment in roubles for gas sold to ‘unfriendly’ countries.”

Moving on, US President Joe Biden’s meeting with European counterparts from the North Atlantic Treaty Organization (NATO) will be the key. Also important will be the US PMIs for March and Durable Goods Orders for February.

Read: S&P 500 Futures print mild gains, Nikkei 225, yields stay pressured ahead of Biden-NATO meet