SYDNEY, NSW, Australia - Stocks in Asia were little moved on Friday as bond yields rose and the U.S. along with it.
"People are getting far more confident that despite interest rates going up that it is a positive signal that we are coming out of (COVID) stronger than we went in, in a way," EY partner and investment banking veteran Duncan Hogg told The Sydney Morning Herald on Friday.
"And people are happy to support those stocks that are more levered to the broader economy."
The Australian stock market made some headway Friday, with the All Ordinaries rising 23.80 points or 0.31 percent to 7,624.30.
In Japan however, stocks were sold off. The Nikkei 225 fell 54.25 points or 0.19 percent to 28,964.08.
In China, the share market was flat with the Shanghai Composite inching down 0.51 of a sing point or 0.01 percent to 3,525.10.
The best performer was the Hang Seng in Hong Kong which advanced 203.99 points or 0.71 percent to close at 28,762.58.
The U.S. dollar pushed ahead adding to gains of the past two days. The euro fell further to 1.1918 by the Sydney close Friday. The British pound sank to 1.3891. The Swiss frac was softer at 0.9174.
The Canadian dollar eased to 1.2364. The Australian dollar, which touched an earlier 6-months low of 0.7512, finished around 0.7542.
The New Zealand dollar was out of favour, falling to 0.6990.
Overnight on Wall Street, the Dow Jones index was down 210.22 points or 0.62 percent at 33,823.45.
The Nasdaq Composite added 121.67 points or 0.87 percent to 14,161.35.
The Standard and Poor's 500 slipped 1.84 points or 0.04 percent to 4,221.86.