JEFFERIES global economist Mohit Kumar said current US Treasury yields are attractive to long-term investors but uncertainty remains high. "We have low conviction on whether the next 10bp move in the 10-year Treasury will be up or down," he said. JEFFERIES is more confident that central banks will not deliver the scale of rate hikes currently priced by markets; LSEG data show money markets currently price about 93bp of cumulative Fed hikes over the next 12 months.

Morgan Stanley China chief economist Xing Ziqiang said recent rate increases have led his team to revise forecasts to expect one hike in December this year and another in March next year. He said they will closely monitor how rate moves could affect global liquidity. Conversations with overseas investors show stronger demand for China’s tech sector and other areas with improving cyclical momentum; he cautioned that such industrial waves raise productivity but can disrupt employment and incomes, requiring preparation to manage those shocks.

【日韩股市走高】日经225指数日内大涨3.00%，现报68763.36点。韩国KOSPI指数上涨1.3%，报6932.14点。