(Bloomberg) -- Asian shares are poised for a subdued opening on Tuesday as concerns about China’s property sector re-emerge. Wall Street closed higher and a US bond selloff extended into a fourth week, while a gauge of dollar strength hit its highest level this year. Most Read from BloombergIndians Have Five Days to Deposit $3 Billion in Soon-to-Be-Withdrawn BanknotesBonds Sink, S&P 500 Snaps Four-Day Losing Streak: Markets WrapIndia-Canada Clash Should Be a Wake-Up CallCostco Offers Members $29
Futures pointed to a positive start for stocks in Japan and Hong Kong, while Australia may open slightly down. Yields on Australian bonds rose early Tuesday, following Treasuries, as traders speculated central banks will keep interest rates elevated to quell inflation. The US 10-year yield climbed 11 basis points to above 4.54%, a level last seen in 2007.
The S&P 500 snapped a four-day slide, rising 0.4% as traders returned to their desks following the worst weekly selloff on Wall Street since March. The Nasdaq 100 ended the day 0.5% higher, with Amazon.com Inc. gaining 1.7% — the head of its cloud unit told Bloomberg Television he was seeing “huge demand” for chips used in AI. Netflix Inc. led film and TV producers higher after striking Hollywood screenwriters reached a tentative new labor agreement.
“There are several reasons to believe that the full impact from tighter monetary policy is still yet to take effect,” said Henry Allen, a strategist with Deutsche Bank. “As such, it will be some months before we can sound the all clear for the economy, not least given longer-term interest rates are still reaching new highs even now.”
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Asia Shares Look Mixed as Bonds Sink, Dollar Rises: Markets WrapAsian shares are poised for a subdued opening on Tuesday as concerns about China’s property sector re-emerge. Wall Street closed higher and a US bond selloff extended into a fourth week, while a gauge of dollar strength hit its highest level this year.
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