Asian Stocks Mostly Up, But Valuation, Yield Concerns Remain

Asian Stocks Mostly Up, But Valuation, Yield Concerns Remain

Asia Pacific stocks were mostly up on Tuesday morning, after U.S. shares declined for the first time in five sessions overnight.

Japan’s NIKKEI 225 inched up 0.06% by 9:35 PM ET (2:35 AM GMT), with markets reopening after a holiday. Prime Minister Yoshihide Suga said earlier in the day that he would declare a state of emergency for Osaka, Kyoto and Hyogo prefectures, extending the one declared for the Greater Tokyo area during the previous week.

South Korea’s KOSPI fell 0.49% and in Australia, the ASX 200 inched down 0.03%.

Hong Kong’s Hang Seng  Index was up 0.43%.

China’s Shanghai composite was up 0.44% and the Shenzhen component gained 0.46%.

Investors were also weighing whether equities are running too hot, and if valuations are too stretched. Ten-year Treasury yields were at 1.15%, climbing to their highest level since March 2020.

Benchmark Treasury yields surpassed the 1% mark during the previous week over hopes that a Democrat-controlled Congress would pass big stimulus packages to drive economic recovery from COVID-19. President-elect Joe Biden is due to lay out proposals for “trillions” of dollars in fiscal support on Thursday.

However, higher yields could jeopardize current easy financial conditions and reset expectations for a range of asset classes.

Mainland Chinese stocks were up by the early morning. The Shanghai Composite was up by 1.36 % to 3,579.65. Hong Kong’s Hang Seng Index was up  about 0.81% to 28132.50.

Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.31 percent at 28224.03. on  Tuesday, while the broader TOPIX  100 rose  0.20 percent to 1,210.37. South Korea’s Kospi was down by 1.65% to 3097.06.

Nikkei 225

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