Asian stocks slip following sell-off on Wall Street

Asian stocks slip following sell-off on Wall Street
The Associated Press

TOKYO (AP) — Asian shares dipped Wednesday, mirroring a sell-off on Wall Street triggered by worries over slowing growth and falling profits.

KEEPING SCORE: Japan’s benchmark Nikkei 225 shed 0.3 percent to finish at 22,215.32. Hong Kong’s Hang Seng lost 1.1 percent to 30,281.15. The Shanghai Composite index shed nearly 0.4 percent to 3,117.97. South Korea’s Kospi lost 0.6 percent to 2,448.81. Australian markets were closed for Anzac Day, a public holiday. Southeast Asian shares were also lower.

WALL STREET: The S&P 500 index sank 35.73 points, or 1.3 percent, to 2,634.56. The Dow Jones industrial average finished with a loss of 424.56 points, or 1.7 percent, to 24,024.13. The Nasdaq composite dropped 121.25 points, or 1.7 percent, to 7,007.35.

THE QUOTE: “U.S. markets were rocked by both bond yields and corporate concerns overnight, seeing only few defensive sectors thriving on the comprehensive S&P 500 index. This could be a trend that carries through to the Asian session,” says Jingyi Pan, market strategist at IG in Singapore.

YIELDS QUESTION: Bond prices slipped again Tuesday. The yield on the 10-year Treasury note rose to 2.99 percent from 2.98 percent. Earlier it peaked at 3 percent for the first time since January 2014. Low interest rates have played an important role in the economic recovery of the last decade, and the yield on the 10-year note is a benchmark for many kinds of interest rates including mortgages. It’s been climbing because investors expect higher economic growth and inflation.

ENERGY: Benchmark U.S. crude oil fell 16 cents to $67.54 a barrel in electronic trading on the New York Mercantile Exchange. It shed 1.4 percent to $67.70 on Tuesday. Brent crude, used to price international oils, lost 11 cents to $73.75 per barrel.

CURRENCIES: The dollar rose to 109.16 yen from 108.82 yen. The euro rose to $1.2199 from $1.2196.

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