Asian Equities Mixed Ahead of U.S. GDP Data

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.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.