HONG KONG, Jan 7 ― Asian shares snapped two days of losses today, climbing as investors waited to see whether US jobs data due later in the day would reinforce the need for faster US interest rate hikes.
A key market driver this week has been the rise in US yields following the publishing of the Federal Reserve's December minutes, said Kerry Craig global market strategist at JPMorgan Asset Management. The yield on benchmark 10-year Treasury notes was last at 1.7211 per cent having reached 1.7530 per cent overnight, its highest since April 2021, up sharply from its 2021 close of 1.5118 per cent.
The higher yields have hurt tech shares this week as investors rotated into shares of companies that do well in a higher-rate environment, like banks. In currency markets, higher yields meant the dollar index, which measures the greenback against six peers, has risen 0.63 per cent this week.
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