Asian stocks were mixed on Thursday on concerns over global bond yields and U.S. growth data. U.S. stocks ended a four-session rally on Wednesday, with investors skittish as the 10-year Treasury yield fell to a low of 2.44 percent, its lowest closing level since last July.
The move in U.S. yields followed falls in their German counterparts following news of an increase in Germany’s unemployment. Caution also set in ahead of U.S. first-quarter gross domestic product data, due later in the day.
“U.S. GDP is expected to be revised to a negative print, with most analysts feeling this is consistent with a handover into Q2, which is then expected to show a bounce-back. Should the Q1 figure surprise to the upside, then perhaps we might finally see a bounce in the greenback which has remained subdued,” said Stan Shamu, market strategist at IG.