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China tech stock weigh on Asia markets

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The S&P/ASX 200 closed up 1.2% at 7149.40 on Monday, with US futures higher during the session, while other markets across Asia are falling, except for Japan. The NZX 50 closed down 0.1%. The Australian dollar is trading around US72.44c against the US dollar.

China tech stocks are falling on Hong Kong markets with fears over further regulation and escalating Covid restrictions. Treasuries are falling with inflation running hot from higher commodities prices and supply chain disruptions adding pressure to prices, while investors are bracing for rate hikes of at least 25 basis points from the US Federal Reserve after the FOMC meets later this week.

On Monday afternoon AEDT, the yield on US 10 year Treasuries was up 5 basis points at 2.04%, while Australia’s 10 year bond yield rose 7 basis points to 2.43%.

Bitcoin is US$38,466.

Gold is US$1973.50 an ounce.

Brent crude oil is around US$111 a barrel.

WTI crude oil is at US$107 a barrel.


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