Asia stocks struggle after U.S. Treasuries fall

Asian stocks traded in tight ranges on Thursday after U.S. stocks rose and Treasury bonds fell as data showed U.S. consumers’ expectations for continued inflation.

Australian stocks fell, while South Korean stocks remained unchanged. Hong Kong’s stock contracts fell. Japan’s markets are closed today on the occasion of a holiday.

Shares of Chinese construction companies rose after news that Beijing had included struggling construction companies Country Gardene Holdings and Sinoe Ocean Group in the draft list of construction companies eligible for financial support, in the latest move to fill an estimated $446 billion deficit to ease the housing crisis. The real estate stock index is on track for its best week since early September.

The S&P 500 index rose 0.4% on Wednesday, ahead of the Thanksgiving holiday, resuming a November rally of about 8% and becoming on track for its best month since July last year. U.S. futures saw little change in early Asian trade.

US inflation forecast

U.S. Treasury bonds fell on Wednesday, affecting Australian and New Zealand government bond yields in Asian trading.

The Asia Treasury Bonds market will be closed due to the holiday in Japan.

The sale of Treasury bonds raised yields on two-year and five-year bonds by three basis points.