Morning Bid: Investors hunker down as perfect storm breaks

The perfect storm of higher bond yields, corporate jitters and rising price pressures that hit Wall Street on Tuesday looks set to darken the Asian market landscape on Wednesday, as investors wonder whether this might be the start of a deeper correction.

The three main U.S. indexes shed 0.7% to 1.0%, and the S&P 500 clocked its biggest fall in a month. This doesn't bode well for Asia on Wednesday, but there is a 'glass half full' argument to be made. Recent moves in China's currency are also worth noting. The offshore yuan is creeping above the upper limit of the 2% band around the central bank's daily fixing rate. This comes ahead of U.S. Treasury Secretary Janet Yellen's return to China later this week for renewed dialogue with top officials in Beijing.

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