SYDNEY, March 31 ― Asian shares were headed for a second quarterly gain today while bonds were enjoying the best month since 2008, but the market was braced for a stormy...
SYDNEY, March 31 ― Asian shares were headed for a second quarterly gain today while bonds were enjoying the best month since 2008, but the market was braced for a stormy session after an upside surprise in German CPI raised the stakes for US inflation data.
China's bluechips rose 0.3 per cent and Hong Kong's Hang Seng Index leaped 1.5 per cent, after China's PMI data showed the recovery in the services sector is gathering pace and manufacturing activity expanded at faster than expected. The Dow Jones rose 0.4 per cent, the S&P 500 gained 0.6 per cent and the Nasdaq Composite added 0.7 per cent.
Economists are expecting the PCE index to ease to 0.4 per cent in February from January when it rose 0.6 per cent. “With central banks still mindful of inflation risks, interest rates will stay at their peaks for several months. But when they come, cuts will be more aggressive than is typically assumed.”
US Treasuries had a blockbuster month, with the two-year yields down a whopping 68 basis points to 4.1113 per cent, the biggest monthly decline since early 2008. Ten-year yields were 36 bps lower this month to 3.5563 per cent.
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