Asia stocks dip, dollar recovery continues as yields rise

The U.S. Treasury Building in Washington. This week the Treasury is scheduled to sell $107 billion of notes a $4 billion increase from the same series of auctions the month before

USA stocks closed lower as investors awaited the release of a meeting minute from the Federal Reserve.

However, many Fed officials downplayed the impact from the market turbulence, saying they would stick to their forecast of stronger growth outlook and gradual rate hike pace.

In Britain, an unexpected jump in the jobless rate weighed on the pound, helping to send sterling down 0.44 percent to $1.3934. Both factors led the Fed officials to stand firm on their plans to gradually continue raising the benchmark interest rate in 2018.

The CBOE Volatility index .VIX , a gauge of near-term stock market volatility, eased to a session low of 18.38 and below Friday's close of 19.46. The New Zealand dollar gained 0.07 percent to 0.7342.

Shares of Glencore climbed after the mining and commodities trading company reported results it called its "strongest on record" and boosted its dividend payout to investors to US$2.9 billion as it benefitted from higher commodity prices and cost cuts.

Bond yields climbed to their highest level in four years after the Federal Reserve released minutes from its latest policy meeting.

Their collective position on inflation, meanwhile, remained one of cautious optimism that it will move toward their 2 percent target in the medium term.

Yesterday, the S&P 500 lost 0.6% and the Dow Jones fell by 1.0%.

The Nasdaq Composite dropped 0.22 percent, to 7,218.23.

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Platinum was about unchanged at $1,000/oz while palladium was down 0.5% to $1,018/oz.

After inflation worries knocked the S&P 500 down more than 10 percent from its january 26 high, stocks had rebounded in recent sessions as yields on the 10-year US Treasury note had stabilized around the 2.9 percent mark.

The January minutes further revealed that Federal Reserve officials grew more positive on the economic outlook and were increasingly optimistic on reaching their 2 percent inflation target.

An index that tracks USA manufacturers rose to a almost 3 1/2-year high ( in February and a gauge for service-oriented companies hit a six-month peak, according to IHS Markit's flash PMI.

US crude hit a near two-week high the previous day on news of inventory declines at a key storage hub and from expectations that top OPEC producers could extend cooperation beyond 2018. Natural gas rose 4 cents to $2.66 per 1,000 cubic feet.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7 per cent after slipping earlier in the session following the USA market losses, which snapped a six-session winning streak.

Shopify Inc was the worst performer on the index, sliding 6.7 per cent after it priced a US$657.6 million share offering.

Gold for April delivery was recently down 0.1% at $1,330.60 a troy ounce on the Comex division of the New York Mercantile Exchange.

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