Oil Prices Surge to Record Monthly Highs as Middle East War Rattles Global Markets 
U.S. Stock Futures Drop as Iran War Escalates, Oil Surges Past $115 
China Manufacturing PMI Hits 12-Month High Amid Energy Price Concerns 
Asia Markets Tumble as Gulf Conflict Drives Oil Prices to Historic Highs 
WTO Digital Trade Moratorium Expires Amid Stalled Negotiations 
Iran Strikes Oil Tanker Near Dubai Amid U.S. Threats and Ongoing Middle East Conflict 
U.S. Stock Futures Surge After WSJ Report on Trump's Iran War Exit Strategy 
Dollar Surges to Monthly High as Middle East Conflict Rattles Global Markets 
Oil Prices Surge Amid Middle East Tensions as Houthi Attacks Escalate Conflict 
U.S. Treasury Eyes Private Credit Oversight Through Insurance Regulator Talks 
The Japanese government bond yields plunged towards the end of Asian session Wednesday, following a fall in the U.S. Treasury yields after Jerome Powell, Chair of the Federal Reserve stood by a patient stance to hike rates in the future despite his hopes of a sturdy economic growth through this year.
The yield on the benchmark 10-year JGB note, which moves inversely to its price, slumped nearly 2-1/2 basis points to -0.023 percent, the yield on the long-term 30-year hovered around 0.606 percent and the yield on short-term 2-year plunged 16 basis points to -0.160 percent by 05:30GMT.
Risk sentiment consolidated on mixed economic data. Meanwhile market is waiting for a few key event risks including Fed Chairman Powell’s testimony and former Trump lawyer Cohen’s hearing. In his testimony to the Senate Banking Committee, Powell reiterated that “the baseline outlook is good” though he warned that the US economy may feel the impact from the slowdown overseas in the coming months, OCBC Treasury Research reported.
It seems that Fed’s patient stance may continue until the change of inflation or growth dynamics. Market will wait for Powell’s second testimony tonight to the House Financial Service Committee. On Cohen’s hearing, his knowledge about Trump’s dealings with Russia is expected to catch market attention. The latest news shows that Trump may have been personally engaged in his business in Russia during his candidacy in 2016.
Elsewhere, the U.S. House’s passage of bill to reject Trump’s border wall emergency is unlikely to have any impact on the market as the Democrats are short of a two-thirds majority in both chambers to override the President’s veto Power, the report added.
Meanwhile, the Nikkei 225 index traded 0.52 percent higher at 21,560.00 by 05:35GMT, while at 05:00GMT, the FxWirePro's Hourly JPY Strength Index remained neutral at 14.16 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
