HONG KONG: Asian equities stabilised Friday (May 23) following the previous day's US bond-fuelled sell-off with traders tracking a slight pullback in Treasury yields as Donald Trump's signature tax-cutting budget passed a key congressional vote.
Worries about the US budget deficit have returned to the fore this week after Moody's removed its top-tier credit rating and the president pushed ahead with a budget that some suggest will expand the country's ballooning debt.
