Asian Stock Markets
Stocks in Asia fell, following U.S. equities lower after a sell-off in
technology shares bruised trader sentiment before a key Federal Reserve
policy meeting.
Equities fell from Japan to Australia and technology stocks were the biggest drag on the MSCI Asia Pacific Index. U.S. shares slumped as the best performing sector this year was roiled by reports of a Facebook Inc. data breach and Apple Inc. efforts to develop its own screens.
After the bell, Oracle Corp. reported sales that underwhelmed investors and Nasdaq futures remained lower. Currencies were steady along with 10-year Treasury yields.
The tech sell-off, that began in Asia on Monday and deepened during the Europe and U.S. sessions, sent jitters through equity markets at the start of a busy week that culminates in the first U.S. interest rate decision under new Federal Reserve Chairman Jerome Powell.
Powell has hinted to investors that he’s open to lifting the policy rate four times this year, rather than the three currently reflected in dot-plot forecasts. Some on Wall Street expect the median projection to rise to four at Wednesday’s meeting, while others say there will be no change following a round of mediocre data and policy makers’ stated intentions to move gradually.
Japan’s Topix index fell 0.7 percent and the Nikkei 225 Stock Average slid 0.9 percent as of 12:30 p.m. in Tokyo.
South Korea’s Kospi index fell 0.4 percent.
Hong Kong’s Hang Seng Index retreated 0.6 percent.
Shanghai Composite Index was down 0.3 percent.
The yen fell 0.1 percent to 106.24 per dollar.
The yield on 10-year Treasuries was steady at 2.85 percent.
Equities fell from Japan to Australia and technology stocks were the biggest drag on the MSCI Asia Pacific Index. U.S. shares slumped as the best performing sector this year was roiled by reports of a Facebook Inc. data breach and Apple Inc. efforts to develop its own screens.
After the bell, Oracle Corp. reported sales that underwhelmed investors and Nasdaq futures remained lower. Currencies were steady along with 10-year Treasury yields.
The tech sell-off, that began in Asia on Monday and deepened during the Europe and U.S. sessions, sent jitters through equity markets at the start of a busy week that culminates in the first U.S. interest rate decision under new Federal Reserve Chairman Jerome Powell.
Powell has hinted to investors that he’s open to lifting the policy rate four times this year, rather than the three currently reflected in dot-plot forecasts. Some on Wall Street expect the median projection to rise to four at Wednesday’s meeting, while others say there will be no change following a round of mediocre data and policy makers’ stated intentions to move gradually.
Japan’s Topix index fell 0.7 percent and the Nikkei 225 Stock Average slid 0.9 percent as of 12:30 p.m. in Tokyo.
South Korea’s Kospi index fell 0.4 percent.
Hong Kong’s Hang Seng Index retreated 0.6 percent.
Shanghai Composite Index was down 0.3 percent.
The yen fell 0.1 percent to 106.24 per dollar.
The yield on 10-year Treasuries was steady at 2.85 percent.
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