Asian shares were headed for a second quarterly gain on Friday while bonds were enjoying the best month since 2008, but the market was braced for a stormy session after an upside surprise in German CPI raised the stakes for U.S. inflation data.
Markets are shifting their focus back to inflation and the outlook for interest rate hikes on hopes that the recent bank turmoil has been largely contained.has raised the stakes for euro zone consumer inflation and for U.S. personal consumption expenditures inflation, tracked by the Federal Reserve for monetary policy, later in the day.However, there is still an expectation that banks will tighten lending following troubles at U.S.
"If we look at upside until the end of the year, I think China could do very well," said van der Linde, adding that the H-share market in Hong Kong, which is sensitive to lower U.S. yields, could see a 20% upside in prices. U.S. Treasuries had a blockbuster month, with the two-year yields down a whopping 68 basis points to 4.1120%, the biggest monthly decline since early 2008. Ten-year yields were 35 bps lower this month to 3.5602%.
The euro , which hit a one-week high against the dollar overnight on German inflation data, is set for a 3% monthly jump to $1.0902, while the yen , which benefitted from safe-haven flows, is headed for a 2.5% gain for the month.
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