Most Asian indexes gain ground on US yield drop, but Chinese stocks fall

Most Asian indexes gain ground on US yield drop, but Chinese stocks fall

A 0.78% drop for Hong Kong and 0.36% decline for blue chips in mainland China pulled MSCI's broadest index of Asia-Pacific shares outside Japan 0.22% lower.







Reuters









April 21, 2022 / 08:02 AM IST





Stocks bounced back from a sharp selloff at the start of the week tied in part to concerns over a default by China's Evergrande and its potential risk to global financial markets. (Representative Image)



Mainland China and Hong Kong stocks fell on Thursday, hurt by worries about the Chinese economy, but an overnight tumble in longer dated U.S. treasury yields lent support to other benchmark indexes.

A 0.78% drop for Hong Kong and 0.36% decline for blue chips in mainland China pulled MSCI's broadest index of Asia-Pacific shares outside Japan 0.22% lower.

But share benchmarks in Australia and Korea were up, while Japan's Nikkei rose 0.81%. Nasdaq futures gained 0.6% and S&P500 futures advanced 0.4%.

The 10-year yield was last at 2.8455%, a whisker higher in Asia morning trade, but still bruised after falling overnight from as high as 2.981% in early trade on Wednesday.

"I think we're still heading towards 3% for 10 year treasuries, I think it was