Bond yields have climbed after robust economic data in China and the US eased concern about an imminent global recession, bolstering speculation the Federal Reserve would raise interest rates at its next meeting in May to tame inflation.

Meanwhile, the Reserve Bank of Australia considered raising interest rates by 0.25 percentage points for an 11th consecutive increase in April before deciding to pause. The central bank said in minutes from its latest board meeting that strong population growth and large public sector wages could further increase inflation and more rate rises may be necessary.