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TOKYO (AP) — Asian stock markets mostly rose Thursday as concern fades over the trade tensions between the U.S. and China. Uncertainty remains, but the original tariff threats made earlier in the week were not followed by material action.
U.S. government bond prices declined Wednesday after Federal Reserve Chairman Jerome Powell said falling unemployment and faster inflation support additional interest rate increases. The yield on the benchmark 10-year Treasury note rose to 2.928% from 2.893% on Tuesday, posting its biggest one-day climb in two weeks. The yield on the two-year Treasury note rose to 2.562% from 2.545%.
Fears the current war of words between Washington and Beijing will flare into a full-blown trade war are outweighing the bearish forces swirling at the long-end of the bond market
Treasury prices fell Wednesday, pushing up yields, after Federal Reserve Chairman Jerome Powell reasserted the need for gradual rate increases, citing a tight labor market. This comes a day after an escalation in the tit-for-tat trade skirmish between China and the U.S. drove investors to flee to the perceived safety of government paper. Risky assets across the globe signaled that tariff-spooked markets were reassessing the threat of a trade war materializing between the world’s largest economies.
Gold futures settle lower on Wednesday and mark a fresh nadir for 2018 as overall strength in dollar diminishes appetite for the yellow metal.
It is Coco Chanel’s proverbial “little black dress” of economic indicators. The slope made up of bond yields of various maturities has a record of predicting recessions that would make even the savviest econometrician turn pea-green with envy. The average yield of bonds in JPMorgan’s broadest Government Bond Index that mature in seven to 10 years last week slipped below the average yields of bonds maturing in one to three years for the first time since 2007, when it preceded a global recession, notes JPMorgan’s Nikolaos Panigirtzoglou.
The yield on the benchmark 10-year Treasury note was higher at around 2.906 percent at 7:45 a.m. ET, while the yield on the 30-year Treasury bond was in the black at 3.036 percent. Market-watchers have become increasingly jittery after President Donald Trump requested late Monday that the United States Trade Representative identify $200 billion worth of Chinese goods for additional tariffs, at a rate of 10 percent. If China "refuses to change its practices" and insists on continuing with the new tariffs it recently declared on the U.S., then the additional levies would be imposed on the Asian nation, Trump said.
Tuesday was no exception, with stocks down sharply on renewed worries about President Donald Trump’s trade feud with China. The stock market has some things going for it right now, of course. Economic growth appears to have picked up too, with the effects of a strong job market and the personal income-tax cuts many Americans received combining to drive consumer spending.
Yahoo Finance’s Seana Smith and Jared Blikre on the biggest stories moving the markets in midday trading Wednesday.
Alan Valdes of Sliverbear Capital joins Yahoo Finance's Seana Smith from the floor of the New York Stock Exchange to discuss the latest market moves. Here's the performance of the Dow Jones Industrial Average components as of 1:00 pm ET: MSFT Microsoft Corp 1.28% INTC Intel Corp 1.06% BA Boeing Co 0.96% PFE Pfizer Inc 0.91% NKE Nike Inc Cl B 0.81% AAPL Apple Inc 0.60% V Visa Inc 0.57% UTX United Technologies 0.44% JPM JPMorgan Chase & Co 0.37% MRK Merck & Co 0.27% HD(HB) Home Depot Inc 0.23% CSCO Cisco Systems 0.18% DIS Disney (Walt) Co 0.16% WMT Wal-Mart Stores 0.05% AXP American Express Co -0.02% XOM Exxon Mobil -0.02% UNH UnitedHealth Grp Inc -0.08% JNJ Johnson & Johnson -0.21% CAT Caterpillar Inc -0.23% IBM Intl Business Machines Corp -0.30% MMM 3M Co -0.31% GE General Electric Co -0.42% GS Goldman Sachs Grp -0.42% KO Coca-Cola Co -0.44% CVX Chevron Corporation -0.46% PG Procter & Gamble Cc -0.55% DWDP DowDuPont Inc -0.76% VZ Verizon Communications -0.81% TRV The Travelers Companies Inc -1.33% MCD McDonald's Corp -1.38%