17 May 2022, Australia, Sydney: The Sydney skyline with the famous Opera House.
Photo: Carola Frentzen/dpa (Photo by Carola Frentzen/picture alliance via Getty Images)Asia-Pacific markets were mixed on Friday as rising bond yields continue to put pressure on equities in the wake of the U.S. credit downgrade.
IG market analyst Tony Sycamore noted the yield on the U.S. 30 year bond rose by 14 basis points overnight to 4.30%, taking the yield towards its October 2022 4.42% high.
"The move higher in long end yields is being driven by lumpy bond issuance, resilient data and Fitch's downgrade earlier in the week," Sycamore said.
South Korea's Kospi bucked the trend and rose 0.26%, while the Kosdaq was up 0.19%.
Persons:
Carola Frentzen, Tony Sycamore, lumpy, Sycamore
Organizations:
Opera, Getty Images, Reserve Bank, Nikkei
Locations:
Australia, Sydney, Asia, Pacific