Asian stocks subdued as global volatility declines

“There’s not a lot of volatility because I think there’s not enough evidence of a full-blown recession, nor is there evidence of a full-blown growth track out there,” Michael Cuggino, president and portfolio manager of San Francisco-based Permanent Portfolio Family of Funds, said on Bloomberg Radio.

Two-year US yields, which are more sensitive to imminent policy moves, were little changed, hovering at 4.21 percent, while the rate on ten-year bonds was at 3.59%. Government bond yields in Australia and New Zealand showed small gains early.

Bank of Atlanta President Raphael Bostic told CNBC that he favors raising rates one more time and then holding them above 5 percent for some time to curb inflation. His St. Louis counterpart James Bullard separately told Reuters that he favors getting rates into a 5.5% to 5.75% range. The benchmark currently sits between 4.75 percent and 5 percent.

On the earnings front, Goldman Sachs Group Inc. fell as its results showed traders failed to capitalize on Wall Street’s fixed-income boom, contributing to firmwide revenue that trailed estimates. Bank of America Corp. rose after profit beat expectations.

In late trading, Western Alliance Bancorp shares surged as much as 20% after it beat earnings estimates and said deposits recovered after the collapse of three regional banks. Also after the bell, Netflix Inc. retreated as its subscriber growth and revenue outlook missed projections.

Elsewhere in markets, Bitcoin held slightly above the closely watched $30,000 level. Oil remained little changed early Wednesday as the bullish impetus from OPEC+ production cuts faded against a backdrop of weaker-than-expected demand. Gold was flat after halting a two-day losing streak Tuesday.