Asian markets extend rally as traders assess US Treasuries pledge

HONG KONG: Asian stocks edged higher on Friday (Aug 21) as investors assessed the US Treasury's move to push down long-term bond yields, while analysts warned that alone would not be enough to keep borrowing costs from spiking.Treasury Secretary Scott Bessent's pledge that he had more tools to provide support did little to comfort US markets as sceptical Wall Street investors resumed their selling amid concerns over elevated inflation and government borrowing, among other things.The lack of progress on reopening the Strait of Hormuz added to unease on trading floors, with oil prices gradually rising over the past two weeks as the United States and Iran remain deadlocked.The US Treasury provided a much-needed boost to markets on Wednesday when it said it planned to "at least double" its sov