Asia markets cautious ahead of US-Iran talks

Asian financial markets struck a cautious tone on Tuesday in holiday-thinned trading, as oil prices were mixed ahead of nuclear negotiations between the US and Iran in Geneva due to begin later in the day.

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Markets in China, Hong Kong, Singapore, Taiwan and South Korea were closed on Tuesday for Lunar New Year holidays. US markets were shut on Monday for Presidents’ Day.

Japan’s Nikkei was down 0.9% while in Australia, the S&P/ASX200 was 0.24% higher.

Ten-year Treasury yields slipped 2.5 basis points to 4.029% on Tuesday.

In Japan, the 20-year JGB yield fell 5.5 basis points to 3.025%. The 30-year yield slipped 6 basis points to 3.025%. Yields move inversely to prices.

A 5-year bond auction held earlier in the day saw a weak outcome, which meant the 5-year JGB yield slipped 4.5 basis points to 1.625%.

Nasdaq futures were down 0.8% and S&P 500 futures were off 0.4%.

The dollar index, a measure of the US currency against major rivals, was mostly steady at 97.12, after a small gain of 0.2% overnight.

Japan’s weakening economy remained in focus on Tuesday, one day after much softer than expected GDP numbers.