Asian stocks recovered from earlier losses on Tuesday, lifted by firmer U.S. equity futures and central bank comments aimed at soothing fears about rising bond yields and inflation.
A pullback in U.S. bond yields also buoyed equity markets.
Japans Nikkei rallied 1.02 on Tuesday afternoon, while MSCIs broadest index of AsiaPacific shares outside Japan was 0.10 higher.
Chinese blue chips added 0.03, after earlier hitting their lowest level this year.
People39;s Bank of China Vice Governor Chen Yulu told Yicai Global that China39;s money supply would grow only to match GDP growth and the country39;s central bank did not see a need for major stimulus support in the next five years.
NASDAQ futures bounced 1.1 and SP 500 futures 0.73. European futures were slightly lower, however, with EUROSTOXX 50 futures down 0.13 and FTSE futures 0.25 lower.
I suspect that is whats leading the better tone in Asia, Stephen Miller, market strategist for GSFM Funds Management, referring to U.S. futures and the central bankers remarks.
From time to time soothing comments coming from officials whether PBOC officials, whether Fed Reserve, ECB or the Reserve Bank of Australia officials might calm markets but I think all of those things would prove ephemeral if U.S. bond yields continue to march higher, and I think theres a significant risk of that.
Miller added that an easing in U.S. 10year Treasury bond yields also helped sentiment.
U.S. Treasury Secretary Janet Yellen said on Monday…