A new story from Bloomberg Daybreak Asia


The markets. We do it all day long for you here on Bloomberg. Let's begin in Hong Kong. Shares in Tencent right now up about 4%. The company reporting revenue edge tire after two consecutive quarters of contraction, and the strength in ten cent helping to lead the hang seng to a gain of around four tenths of 1%. Other markets across the apac showing weakness were dealing with the effects of a stronger yen in Japan and as a result Japanese equities drifting lower, the end right now with a one 30 handle one 30 95 up about four tenths of 1% against the greenback currently, we rallied in New York given a lot of weakness in the dollar. U.S. yields tumbled on a day when the fed raised rates and indicated more tightening may be in the pipeline, although, in fairness to the fed, chair Jay Powell did say there is considerable uncertainty over how much problems that we've seen develop in the banking system will in effect tighten lending conditions and in turn slow the economy. Something we know the fed has been trying to do. We are looking at a two year treasury yield up a little bit now in yield terms three 95, but to be fair, we were down more than 20 basis points in the New York session. The nikkei, as I mentioned, showing some weakness off about a half of 1%. Right now on the Chinese mainland Shanghai composite down just a tenth of 1% in Seoul that cost be falling just two tenths of 1% and in Sydney the ASX 200 now a week or by around 7 tenths of 1%. Late in the day here in the state's treasury secretary Yellen told the Senate committee that her department treasury is not looking at a move that would in effect back all bank deposits with FDIC insurance, those remarks help to weaken some of the banks, the KBW bank index was down about 5%

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