SINGAPORE – Asia-Pacific shares tumbled in early Wednesday morning trading after losses overnight on Wall Street S&P 500 plunges deep into bear market territory,
Investors in the region also await the release of Chinese economic data expected later today.
Nikkei 225 Japan slipped partly in early trade while the Topix index fell near 0.1%. of south korea kospi fell 0.17%.
in Australia, S&P/ASX 200 has declined by 0.29%. MSCI’s broadest index of Asia-Pacific shares outside Japan is down 0.05%.
A slew of Chinese economic data for May, including industrial production and retail sales, will be released later on Wednesday.
Overnight on Wall Street, the S&P 500 plunged deeper into bear market territory, falling 0.38% to 3,735.48. The Dow Jones Industrial Average ended 151.91 points, or 0.5%, down at 30,364.83. The tech-heavy Nasdaq Composite outperformed, rising 0.18% to nearly 10,828.35.
The moves came as statesside US Treasury yields rise again As investors anticipate more aggressive toughening policies from the Federal Reserve, which is set to announce its latest interest rate decision later on Wednesday.
The benchmark 10-year Treasury yield was last at 3.4424% – 11-year high, down 3.48% Arrived on Tuesday. The 2-year rate was 3.391%. Yields move inversely to prices. The 2-year and 10-year Treasury yield curves briefly inverted earlier this week as investors position for potentially aggressive monetary policy to control inflation.
Yield curve inversion is closely monitored by traders and is often viewed as a potential bearish indicator.
currencies and oil
US Dollar IndexThe greenback, who tracks against a basket of his peers, was at 105.314 after recently bouncing off levels below 105.
Japanese yen Traded at 135.22 per dollar, weaker than the low of 135 seen against the greenback yesterday. Australian Dollar Struggling to recover after last week’s decline from the $0.72 level, it changed hands at $0.6889.
Oil prices were lower on the morning of Asia trading hours, in line with international benchmarks brent crude futures fell 0.34% to $120.76 a barrel. US crude futures fell 0.22% to $118.67 a barrel.