A mixed day ahead
February 22, 2021SharePrint
The weekend was a quiet one on the news front, and that has set Asia up for a mixed start to the week. China held its 1 and 5-year Loan Prime Rates steady this morning as expected. However, it continued gently withdrawing liquidity via the repo market, ensuring that the yuan will remain firm as the week commences.
Some divergences are evident today, notably in currency markets where the US yield curve’s steepening on Friday could not support the US dollar. It fell on Friday and starts the week on the back foot, with global recovery plays, notably in base metals, seemingly driving sentiment out of defensive US dollar positioning. The rise in US yields was most notable in the 30-year tenor which climbed to 2.1357%, while the 10-year rose more modestly to near 1.34%.
Read more about Japan Nikkei advances on bargain-hunting on Business Standard. At closing bell, the 225-issue Nikkei Stock Average advanced 138.11 points, or 0.46%, to 30,156.03. The broader Topix index of all First Section issues on the Tokyo Stock Exchange added 9.40 points, or 0.49%, to 1,938.35.
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