Morning Bid: US yields bite, China enjoys rare surprise

Asia lagged what was a pretty solid start to the new quarter for global stocks on Monday, and the steep rise in U.S. Treasury yields suggests it will be difficult session again on Tuesday for regional equities and emerging assets more broadly.

There isn't anything on the local economic and policy calendar that looks like giving markets a significant steer on Tuesday, with only South Korea inflation and retail sales from Hong Kong scheduled for release. The 'unofficial' S&P Global PMI for May pointed to the fastest pace of manufacturing sector growth in more than three years, contrasting with the National Bureau of Statistics' 'official' PMI on Sunday that showed a contraction in factory activity.

The last time annual headline inflation was this low was last July, while core inflation of 2.2% in May was the lowest since December 2021. More numbers like that and Bank of Korea could soon cut interest rates.Social Media Reacts To Supreme Court's Trump Immunity Ruling

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