Asian Markets Today: Asian markets traded mixed in early Friday trade as investors remained focused on developments around the Trump-Xi meeting, the ongoing US-Iran conflict and the impact of elevated oil prices and rising global bond yields.
Last checked, Japan's Nikkei 225 was up 0.48%, while the broader Topix gained 0.58%. Australia's S&P/ASX 200, however, declined 0.50%. Markets in China and South Korea remained closed for a holiday.
Asian equities entered the final trading session of the week amid continued uncertainty over the Middle East, surging energy prices and a global bond selloff. Investors are also assessing the implications of higher-for-longer interest rates as Treasury yields continue to climb.
ALSO READ: Brent Spikes 5% To Top $108/Barrel As Fresh Saudi-Houthi Skirmish Heats Up Oil Market
US equity futures were little changed on Thursday evening. S&P 500 futures and Nasdaq-100 futures were each down 0.1%, while Dow Jones Industrial Average futures fell 59 points, or 0.1%. In Thursday's regular session, both the S&P 500 (0.02% down) and Nasdaq Composite (0.01% up) ended largely flat. Dow Jones, meanwhile, ended 0.31% lower
The bond market remained under pressure, with the 10-year US Treasury yield climbing to 5.225% late Thursday, its highest level since 2007. The 30-year Treasury yield also rose to 5.502%.
The rise in yields was driven by hawkish comments from Federal Reserve Governor Michael Barr, persistently elevated energy prices amid the Iran war and a stronger purchasing managers' report. Fed funds futures indicated a roughly 68% probability of a rate hike in October, according to the CME FedWatch tool.
Higher Treasury yields have also pushed up borrowing costs. The 30-year fixed mortgage rate, which tracks the 10-year Treasury yield, rose to 7.45%, its highest level since 2024.
Meanwhile, oil prices remained elevated despite a modest pullback. Brent crude oil was down 0.93% at $106.04 a barrel at last check, keeping energy prices and their potential impact on inflation and global growth in focus.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.