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Asia markets rise as 10-year U.S. Treasury yield hits 16-year high

Lim Hui Jie

This is CNBC's live blog covering Asia-Pacific markets.

The ICC International Commerce Centre, and Hong Kong's brand new museum of visual culture, Victoria harbor, Hong Kong, China.
Ucg | Universal Images Group | Getty Images

Asia-Pacific markets are mostly up even as yields of U.S. 10-year Treasury bonds hit levels not seen in over a decade.

The benchmark 10-year Treasury note yield hit a high of 4.34%, reaching its highest level since November 2007. This is notable as higher bond yields generally mean lower stock prices.

Japan's Nikkei 225 climbed 0.97%, extending its gains from Monday and closed at 31,856.71, while the Topix rose 1.08% and ended at 2,265.71.

Overnight, SoftBank Group's chip unit Arm filed for a Nasdaq listing that is expected to be the largest of the year.

South Korea's Kospi also gained 0.28% to finish at 2,515.74, and the Kosdaq was 0.52% up to end at 893.33. The Australian S&P/ASX 200 hovered just above the flatline and ended 7,118.9.

Hong Kong's Hang Seng index snapped a seven-day losing streak and gained 1.07% in its final hour of trade, while on mainland China, the CSI 300 was up 0.77% to close at 3,758.23.


On Monday in the U.S., all three major indexes ended mixed, with the tech-heavy Nasdaq Composite snapping a four day losing streak and gaining 1.6%, while the S&P 500 gained 0.69% and the Dow Jones Industrial Average fell 0.11%.

— CNBC's Sarah Min and Pia Singh contributed to this report.

SoftBank shares climb after Arm files for listing

Shares of SoftBank Group climbed as much as 3.36% on Tuesday after news that its chip unit Arm filed for a Nasdaq listing.

Arm did not disclose a share price and therefore has no valuation yet for the listing, but Reuters said that it is expected to be "the largest of the year."

Shares of SoftBank pared gains later in the session and are currently up 2.16%.

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— Lim Hui Jie

South Korea's consumer sentiment weakens for first time since Feburary.

South Korea's consumer sentiment weakened in August for the first time in six months, according to a survey from the Bank of Korea.

The consumer sentiment index fell to 103.1 from 103.2 the previous month. A reading above 100 means that optimists outnumber pessimists in the survey, and vice versa.

Consumers' assessment of current domestic economic conditions, as well as their outlook for future domestic economic conditions worsened in July.

However, sentiment concerning future living standards and future household income improved from July, slightly offsetting the decline.

— Lim Hui Jie

Hong Kong inflation rate slows more than expected in July

Hong Kong's inflation rate slowed more than expected in July, coming in at 1.8% compared to the 2% expected by economists polled by Reuters. The figure is also lower than the 1.9% seen in June.

Hong Kong's census and statistics bureau noted that the largest increase in prices in July were recorded for alcoholic drinks and tobacco, which jumped 18.4% year-on-year.

Prices of electricity, gas and water (up 9.9% year-on-year), as well as clothing and footwear (up 6.6%) rounded off the top three sectors that saw the largest increases in July.

On the other hand, prices of durable goods and basic food fell on a year-on-year basis in July, decreasing 3.3% and 0.5% respectively.

— Lim Hui Jie

CNBC Pro: UBS names the stocks that'll drag the Stoxx Europe 600 down 10% this year

UBS has identified the stocks at risk of dragging one of Europe's largest equities indexes lower by 10% by the end of this year.

The Swiss investment bank said top performers in 2023, such as chip stocks and luxury goods makers, are at risk of big declines by the end of the year.

CNBC Pro subscribers can read more here.

— Ganesh Rao

10-year Treasury yield hits highest level since 2007

U.S. Treasury yields advanced on Monday as investors remain concerned that interest rates could remain higher for longer than expected. The yield on the 10-year Treasury was up by more than 9 basis points at 4.34%, trading near levels last seen in 2007.

— Pia Singh

Powell will likely focus on short-term monetary policy in Wyoming, Allianz economist says

Federal Reserve Chair Jerome Powell may not focus on what's best for him in his remarks from Jackson Hole, Wyoming, later this week, according to Mohamed El-Erian, Allianz chief economic advisor.

"What's likely is that he's probably going to talk about short-term monetary policy issues," El-Erian said on CNBC's "Squawk on the Street." "I don't think that's the best thing to do, because it is a very delicate situation right now."

Still, El-Erian said the central bank leader could be helped given the "target-rich environment," adding that there's "a lot" he can talk about.

— Alex Harring

Nvidia gains 2.5% in premarket after HSBC adds to bullish outlook

HSBC reiterated a buy rating on the semiconductor stock and increased its target price. The analyst's new forecast implies more than 80% upside from Friday's close.

"Although market expectations have clearly risen for Nvidia and the overall AI supply chain, we expect bullish AI server momentum continued to surpass market expectations," analyst Frank Lee said in a Monday note. "We continue to see strong demand that continues to outpace supply, especially with regard to AI GPU shipments."

Nvidia stock climbed 2.5% in premarket trading. CNBC Pro subscribers can read the full story here.

— Brian Evans

Eli Lilly hits all-time high while 13 S&P 500 stocks touch fresh lows

Eli Lilly was the only S&P 500 stock trading at all-time highs going back to 1952 when the company offered its first public shares of stock. The stock is higher this year by roughly 50%.

On the other hand, 13 stocks in the broad index dropped to fresh lows including a slew of consumer staples and utilities names.

Consumer staples names General Mills was trading at lows not seen since June 2022. Meanwhile, Campbell Soup Company dropped to lows not seen since March 2022. The sector was last down by 0.54%.

Meanwhile, utility stocks Eversource Energy and Dominion Energy dropped to their lowest levels since 2020. The utilities sector was the worst laggard in the S&P 500 Monday, lower by 1.08%.

Here are the S&P 500 names hitting fresh lows.

— Sarah Min, Chris Hayes