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Asian markets could be in for a choppy ride on Tuesday, with investors unsure whether to interpret Monday's steep fall in U.S. Treasury yields and the dollar as an encouraging sign for risky assets or a warning that growth is evaporating.Given that Asian shares on Monday posted their biggest rise this year, before the weak ISM U.S. manufacturing report triggered the slide in yields, investors may err on the side of caution and pare back risk exposure, not add to it.
The sugar high of rate cut expectations can only last so long. And in truth, rate cut expectations have not shifted all that much lately because inflation remains stickier than policymakers would like. Indian markets' initial reaction on Monday to the weekend's exit polls showing a decisive mandate and third term for Prime Minister Narendra Modi was overwhelmingly positive - shares hit lifetime highs, the rupee gained and bond yields dropped.
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