Morning Bid: Trimming risk exposure as BOJ, Fed loom
Asian markets on Monday get their first chance to react to the global market fallout from Friday's U.S. employment report, which saw the biggest one-day rise in Treasury yields and the dollar in two months.
But rising U.S. bond yields and an appreciating dollar does not bode well for investors' appetite for risk, so Friday's market moves could put Asian assets on the defensive at the open on Monday. Investors and traders in Asia may already be inclined to reduce risk exposure ahead of two major monetary policy decisions this week from the Federal Reserve and Bank of Japan.
Japanese trade and current account figures for April will be released on Monday, as will the final estimate of first-quarter GDP. A Reuters poll suggests there will be no change to the quarter-on-quarter contraction of 0.5%, but the annualised print will be nudged up to -1.9 from -2.0% on the back of stronger capex.
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