(Bloomberg) — Stocks in Asia were steady Friday as investors weighed the resilience of the global economic recovery to risks from tightening Federal Reserve monetary policy and Russia’s military campaign in Ukraine.
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Japanese, Australian and South Korean equities fluctuated in relatively narrow ranges. U.S. futures slipped after technology shares helped the S&P 500 index to close at a more than six-week high.
Treasuries pared some of the declines they posted Thursday. The U.S. 10-year yield was still in the vicinity of levels last seen in 2019. Oil retreated, though West Texas Intermediate crude remained above $110 a barrel.
Investors are continuing to grapple with the ramifications of Russia’s invasion, including elevated and volatile raw-material costs that have stoked expectations of higher inflation and more aggressive Fed interest-rate hikes.
The divergence between the Fed and still-dovish Bank of Japan…