Asian stocks followed a tech-led Wall Street rise on Tuesday after the Nasdaq set a record close, while longer-dated US Treasury yields remained near highs last seen about 24 years ago.
Asian equities rose on Tuesday after a technology-led rally carried the Nasdaq Composite to a record close, Reuters reported from Sydney. Nasdaq futures were up about 0.2 percent and S&P 500 futures about 0.1 percent in early trading.
Nvidia climbed 2.1 percent to a record close and a market value Reuters put at $5.76 trillion. The move followed softer-than-expected US jobs data that, Reuters said, reduced expectations of a Federal Reserve rate increase this month.
Longer-dated Treasuries did not follow the equity tone. Reuters said 10-year and 30-year yields hit fresh 24-year highs overnight, extending a climb since mid-August tied to inflation and debt concerns. An ISM survey showed prices paid by service firms at the highest level in more than four years.
Oil stayed elevated even after an overnight retreat. Brent crude was up 0.6 percent at $100.88 a barrel in the Reuters report, after a 1.9 percent drop as Gulf flows excluding Iran were said to have recovered above 81 percent of pre-war levels and the G7 pledged more supply. AP later had Brent near $100.71.
Japan’s Nikkei and Hong Kong’s Hang Seng were higher in both wires, while mainland Chinese markets were closed for a holiday. Investors now watch whether the yield backup offsets the support from lower oil and the tech rally.