* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
* Nasdaq futures up over 1%
* Indonesia's 10-year benchmark yield comes off a 5-mth high
* Philippine peso strengthens 0.5%
By Shruti Sonal
March 9 (Reuters) - Most emerging Asian share markets rose
on Tuesday, tracking a recovery in U.S. equity futures following
a pullback in Treasury yields, while regional currencies
reversed early losses as the greenback gave up most of its
gains.
U.S. 10-year Treasury yields US10YT=RR edged lower after
hitting a one-year high on Monday. Nasdaq futures NQc1 bounced
1.1%, paring some losses from a sell-off in technology-related
shares on Monday that pushed the index into correction
territory.
Reflecting moves in U.S. yields, Indonesia's 10-year
benchmark yield ID10YT=RR came off a five-month high hit
earlier in the session, while its Indian counterpart IN10YT=RR
also slipped.
Positive cues from U.S. Treasury Secretary Janet Yellen
aided sentiment and boosted equities. Yellen said on Monday that
U.S. President Joe Biden's $1.9 trillion coronavirus aid package
would provide enough resources to fuel a "very strong" U.S.
economic recovery. Singapore's benchmark index .STI climbed over 1%, while
India .NSEI and Malaysia .KLSE added about 0.5% each.
South Korean shares .KS11 , which shed as much as 2%
earlier in the day on the back of a sell-off in technology
stocks, recouped some losses to trade 0.7% lower by 0740 GMT.
A slipping U.S. dollar drove a recovery in most emerging
Asian currencies. USD/
Philippine peso PHP= , the worst performing currency in the
region so far this year, strengthened 0.5%. Singapore dollar
SGD= and the Indian rupee INR= added 0.2% each.
However, bond yields have continued to rise as investors
fret over a potential rise in inflation due to a flurry of
pandemic-related stimulus measures.
While the U.S. Federal Reserve has downplayed the rise in
yields so far, the European Central Bank will discuss on
Thursday the merits of intervening. Emerging Asian bond yields have displayed strength, as
investors continued to find refuge in them as well as relative
stability offered by Asian junk-rated debt. "With risk of US nominal/real yields heading higher, this
could pose a challenge to some central banks - notably
Indonesia, to flexibly manage domestic financial conditions
through its bond purchase program without undue pressure on
IDR," Citi Research analysts wrote in a note.
Overall FX weakness will likely be more than welcomed by the
central banks of Malaysia and Thailand to ease monetary
conditions, they added.
Top Glove Corp Bhd TPGC.KL , the world's largest medical
gloves manufacturer, climbed nearly 5% after posting a record
profit for a fourth straight quarter as continued demand for
gloves globally boosted sales. Thailand's 10-year government bond yields are down 11
basis points at 1.82%
** Top gainers on the Singapore STI .STI include Hongkong
Land Holdings Ltd HKLD.SI , Comfortdelgro Corporation Ltd
CMDG.SI , Sembcorp Industries Ltd SCIL.SI
Asia stock indexes and
currencies at 0810 GMT
COUNTRY FX RIC FX FX INDEX STOCKS STOCK
DAILY YTD % DAILY S YTD
% % %
Japan JPY= -0.02 -5.18 .N225 0.99 5.77
China