Asian stocks rise, bonds steady ahead of key US inflation data

Asian stocks rose Wednesday while bond markets steadied after a sharp selloff, as investors awaited key US inflation data for clues on the Federal Reserve's next policy moves. The MSCI Asia Pacific Index gained 0.9%, with 10 of its 11 sectors in positive territory. Futures pointed to further gains in Europe and on Wall Street. Japan's Nikkei 225 climbed 1.4%, South Korea's Kospi and Kosdaq both rose over 1%, and Australia's S&P/ASX 200 edged higher. The moves followed a sharp rise in longer-dated Treasury yields, which had fueled concerns about persistent inflation and possible further Fed rate hikes. US Treasury yields steadied after the 30-year yield hit 5.6206% on Tuesday, its highest since June 2002, while the 10-year yield reached 5.293%, the highest since June 2007. The average 30-year fixed mortgage rate rose to 7.58%, the highest since November 2023. Oil prices remained a key uncertainty, with Brent crude up 0.8% to about $103.40 per barrel.