Week InReview: June 30, 2023

Bond selloff.

Asian stocks declined today, trimming a first-half rally in global equities. Treasury yields steadied following a surge Thursday on bets for further rate hikes, which cast a shadow over markets. Asian stocks were set for a mixed open on the last day of the quarter after a choppy session for US equities, while Treasury yields soared on bets on further tightening by the Federal Reserve. Contracts for benchmarks in Hong Kong and Japan posted modest declines while those for Australia pointed to a small gain. As the first half draws to a close, Japan's Topix has ratcheted up a gain of more than 20%. In the US a selloff in bonds saw two-year yields jump 15 basis points as investors moved closer to Fed's view for tighter monetary policy in the coming months.

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