Equities slipped while treasury yields rose as rising energy costs highlighted concerns of inflation weighing on the global economy.
Shares in the Mainland China, South Korea and Japan fell while Hong Kong rose marginally. The MSCI Asian Broad Market Index ex Japan inched down by 0.38%.
U.S. treasuries fell on prospect of rapid Federal Reserve’s monetary tightening with 10-year yield hovering around 2.85%. Meanwhile, the dollar gauge rose.
Chinese first-quarter gross domestic product growth topped estimates but March retail sales decreased more than expected. The latter hinted at ongoing damage from Covid lockdowns in the last few weeks.
Officials cut the reserve requirement ratio Friday but refrained from lowering interest rates in a cautious approach to policy easing.
According to Goldman Sachs Group Inc, history suggests the Fed will face a difficult task in tightening policy to cool inflation without causing a U.S. recession, .
Crude oil climbed higher with WTI trading around $107 a barrel and Brent around $112 a barrel.
