Singapore Says One-Third of U.S. Exports Hit by New 12.5% Tariff 
Australia Trade Surplus Returns in June as Iron Ore, Coal and LNG Exports Surge 
Asian Currencies Steady as Markets Await U.S. Jobs Data 
Oil Prices Slip as Hormuz Shipping Progress and Rising U.S. Crude Stocks Weigh on Market 
UK Services PMI Returns to Growth in July as New Orders and Confidence Rebound 
US Stock Futures Rise as Markets Await July Payrolls Data 
Trump Unveils $3 Billion U.S. Critical Minerals Push 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
US Dollar Gains as Iran Tensions, Fed Rate Hike Bets Rise 
China Trade Surplus Beats Forecasts in July as Exports Stay Strong 
Asian Stocks Cautious Ahead of US Jobs Data as Oil Rises 
US Job Growth Seen Picking Up in July 
The Australian bonds plunged during Asian session Wednesday tracking a similar movement in the United States’ Treasuries after Chinese equities experienced a rebound, following their biggest selloff since 2015 after the outbreak of the deadly Coronavirus.
The yield on Australia’s benchmark 10-year note, which moves inversely to its price, jumped 11-1/2 basis points to 1.034 percent, the yield on the long-term 30-year bond surged 11 basis points to 1.631 percent and the yield on short-term 2-year gained over 9 basis points to trade at 0.746 percent by 04:50GMT.
Wall Street continued to rally with the S&P500 up another 1.5 percent and Nasdaq 100 at a record high as investors looked past the coronavirus impact on the US economy, especially with Kudlow opining minimal impact, OCBC Treasury Research reported.
With the risk recovery, the UST bond market also reset with 10-year UST bond yield up 7bps to 1.60 percent. However, crude oil prices differed in opinion and dipped below $50 per barrel for the first time in more than a year, the report added.
China injected another CNY500 billion liquidity via open market operation on February 4. In its statement, the central bank exclusively mentioned that the liquidity injection for two consecutive days showed PBoC’s commitment to boost market confidence. This is a strong signal that PBoC will not hesitate to inject more liquidity if the sentiment remains weak, OCBC further noted in the report.
Meanwhile, the S&P/ASX 200 index traded tad -0.30 percent lower at 6,913.50 by 04:55GMT.
