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A remarkably light economic data and events calendar in Asia on Thursday will allow investors to chew over the rise in U.S. and global bond yields that appears to be gathering pace, strengthening the dollar and tightening financial conditions.The MSCI World equity index fell 1% on Wednesday and the MSCI Asia ex-Japan index slumped 1.6%, its biggest fall in six weeks. Hopes of a rebound on Thursday will have been tempered by Wall Street's slide deep into the red too.
Friday's calendar, by contrast, is packed with top-tier releases including Chinese PMIs, Tokyo inflation and India's Q4 GDP, all of which precedes the main event of the week - U.S. PCE inflation for April.The 10-year Japanese Government Bond yield is now at 1.075%, the highest since late 2011 and up eight days out of the last nine.
Global yields, already significantly higher than Japan's, are also rising. The 10-year U.S. Treasury yield jumped another seven basis points on Wednesday to 4.64%, the highest in a month, and the two-year yield briefly topped 5.00% again. But the IMF was more cautious on the longer term outlook, warning that growth could slow to 3.3% by 2029 due to an aging population and slower expansion in productivity.
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