SYDNEY : Asian shares slipped on Monday as Israel's push into Gaza stirred fears of a wider conflict ahead of central bank meetings in the United States, Britain and Japan, the latter of which might see a policy tightening.
The earnings season also continues with Apple, Airbnb, McDonald's, Moderna and Eli Lilly & Co among the many reporting this week. Results so far have been underwhelming, contributing to the S&P 500's retreat into correction territory at 4,117.
Risk appetite was dulled by Israel's push to surround Gaza's main city in a self-declared"second phase" of a three-week war against Iranian-backed Hamas militants. Many analysts expect the central bank will lift its inflation forecast to 2.0 per cent, but are unsure whether it will finally abandon YCC in the face of market pressure on bonds.
Abandoning YCC altogether would likely see Japanese bond yields rise and add to pressure on global markets already bruised by a vicious sell-off in U.S. Treasuries.Yields on 10-year Treasuries stood at 4.87 per cent on Monday, having climbed 30 basis points so far this month and touched 16-year peaks at 5.021 per cent.
"The story of the year so far has been that economic reacceleration has not prevented further labor market rebalancing and progress in the inflation fight," they added."We expect this to continue in coming months." "This reinforces our sense that a relatively optimistic assessment of the outlook in the U.S. is by now largely discounted in the dollar."
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