Asia markets mixed as rising US bond yields pressure equities

Asia-Pacific markets were mixed on Friday as rising bond yields continue to put pressure on equities in the wake of the US credit downgrade, reports CNBC.
IG market analyst Tony Sycamore noted the yield on the US 30-year bond rose by 14 basis points overnight to 4.30 per cent, taking the yield towards its October 2022 4.42 per cent 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.
In Asia, the Reserve Bank of Australia cut the growth outlook for the country in 2023, but said inflation was "moving in the right direction." The S&P/ASX 200 rose 0.19 per cent and closed at 7,325.3.
Japan's Nikkei 225 was up 0.1 per cent and ended the day at 32,192.75, while the Topix saw a larger gain of 0.28 per cent to close at 2,274.63.
South Korea's Kospi fell 0.1 per cent to close at 2,602.8 and extend its losing streak to three days, while the Kosdaq slid 0.21 per cent to end at 918.43.
Hong Kong's Hang Seng index pared earlier gains and climbed 0.55 per cent in its final hour, while mainland markets were also higher. The Shanghai Composite was up 0.23 per cent to close at 3,288.08 while the Shenzhen Component rose 0.7 per cent, finishing at 11,238.06.
Meanwhile, European markets were also mixed on the day to close off a downbeat week, as investors digest the Bank of England rate hike Thursday and more company earnings.
The pan-European Stoxx 600 index was up 0.2 per cent in late afternoon trading, with sectors spread across positive and negative territory. Travel and leisure stocks led minor gains, up 1.4 per cent, while media stocks dropped 0.88 per cent.