Marketmind: Fed pivot reality check for emerging markets?
Unexpectedly high U.S. producer price inflation figures on Wednesday could cool this week's rally in emerging market and Asian stocks, with local attention on Thursday turning to Indian consumer inflation.
But the tone of trading across Asian markets on Thursday may be a little more cautious than some of the headline moves on Wednesday indicate, and may also hinge on the U.S. yield curve.Most of these gains were fueled by a powerful short-covering rally in U.S. Treasuries that triggered a sizeable decline in government bond yields around the world, especially at the back end of the curve.
The initial 'bull' flattening in Asia and Europe, led by strong buying of long-dated bonds, that pushed long yields sharply lower, flipped after the U.S. PPI data to 'bear' flattening, led by selling of two-year bonds and rise in short-dated yields. But the PPI number could give traders in Asia pause for thought, especially with U.S. CPI due out later on Thursday.
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