Asian Stocks Decline; U.S. Treasury Yield Steady: Markets Wrap

Publikuota: 2018-04-20
Businessmen look at their mobile phones in front of an electronic stock quotation board outside a brokerage in Tokyo, Japan, October 23, 2015. Asia extended a global stocks rally on Friday after the European Central Bank signaled its readiness to inject more stimulus, helping the dollar scale a fresh two-month peak against the euro. REUTERS/Toru Hanai
Businessmen look at their mobile phones in front of an electronic stock quotation board outside a brokerage in Tokyo, Japan, October 23, 2015. Asia extended a global stocks rally on Friday after the European Central Bank signaled its readiness to inject more stimulus, helping the dollar scale a fresh two-month peak against the euro. REUTERS/Toru Hanai
 

Asian equities dropped as technology shares came under earnings-related pressure and materials shares fell. Treasuries steadied after the global climb in yields that gripped markets early in 2018 made a comeback.

Stocks in China underperformed with those in Hong Kong and Korea also falling. Japanese shares fluctuated as the yen weakened. Tech shares were the region’s biggest losers after Taiwan Semiconductor Manufacturing Co.’s disappointing forecast rekindled concerns the handset boom is waning. Australian bonds tracked losses overnight in government debt markets from the U.K. to Germany and the U.S., where 10-year Treasury yields breached 2.90 percent. The dollar extended this week’s advance.

While investors debate the cause of the decline in sovereign debt, bond market gauges showed an increase in expectations for U.S. inflation after recent torrid gains in metals from aluminum to nickel. Trade remains in focus with the U.S. Treasury Department considering using an emergency law to curb Chinese investments in sensitive technologies.

Elsewhere, the Indian rupee weakened to the lowest since March 2017 and bonds slumped after minutes from the country’s central bank most recent meeting showed an unexpected hawkish tilt. Oil prices drifted.

Here are the main moves in markets: Stocks

The MSCI Asia Pacific Index decreased 0.6 percent as of 1:56 p.m. Tokyo time. Topix index rose 0.2 percent. Hong Kong’s Hang Seng Index fell 0.4 percent. Kospi index decreased 0.3 percent. Australia’s S&P/ASX 200 Index fell 0.2 percent. Futures on the S&P 500 Index rose 0.1 percent.

Currencies

The Bloomberg Dollar Spot Index rose 0.1 percent. The Japanese yen fell 0.3 percent to 107.65 per dollar. The euro fell less than 0.05 percent to $1.2342.

Bonds

The yield on 10-year Treasuries rose less than one basis point to 2.91 percent. Japan’s 10-year yield gained one basis point to 0.053 percent. Australia’s 10-year yield rose three basis points to 2.818 percent.

Commodities

West Texas Intermediate crude fell less than 0.05 percent to $68.27 a barrel. Gold fell 0.2 percent to $1,342.33 an ounce. LME copper fell 0.4 percent to $6,954.50 per metric ton.

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