Asia n equity futures under pressure after US stocks, oil slide
BusinessAsian stocks were poised to follow Wall Street lower on Wednesday as the cost of the U.S. stimulus and infrastructure plans and new pandemic curbs limited investors' risk appetite.FILE PHOTO: A man walks past a stock quotation board at a brokerage in Tokyo, Japan February 26, 2021. REUTERS/Kim Kyung-Hoon/File Photo
24 Mar 2021 07:25AMShare this contentBookmarkWASHINGTON: Asian stocks were poised to follow Wall Street lower on Wednesday as the cost of the U.S. stimulus and infrastructure plans and new pandemic curbs limited investors' risk appetite.Hong Kong's Hang Seng index futures fell 0.2per cent. In Japan, Nikkei futures were 0.6per cent lower. Australian futures traded either side of unchanged.
AdvertisementAdvertisementSmall cap stocks, energy and international equities fell on Tuesday.On Wall Street, the Dow Jones Industrial Average fell 308.05 points, or 0.94per cent, to 32,423.15, the S&P 500 lost 30.07 points, or 0.76per cent, to 3,910.52 and the Nasdaq Composite dropped 149.85 points, or 1.12per cent, to 13,227.70. headtopics.com
Benchmark 10-year notes rose 19/32 in price to yield 1.6153per cent, from 1.682per cent late on Monday after Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen spoke to Congress.Powell downplayed the risk of inflation. Yellen said the U.S. economy remains at risk as she fielded lawmakers' questions about possible infrastructure and tax increase plans under consideration.
AdvertisementAdvertisementCrude oil futures tumbled more than 6per cent due to demand concerns amid a third wave of the coronavirus pandemic.Germany extended its lockdown to April 18. A U.S. health agency said the AstraZeneca Plc vaccine developed with Oxford University may have included outdated information in its data, further fueling investor concerns over the recovery.
"Risk assets continued their second day of decline, as outbreak concerns rose in Europe. The bond market saw heavy inflows, further flattening the long-end of the curve," Commonwealth Bank of Australia market analysts said note.The U.S. dollar rose against a basket of major currencies, weighing on gold prices.
AdvertisementU.S. manufacturing data was due later on Wednesday and Powell was expected to give the same prepared testimony to a Senate banking panel.(Reporting by Chris Prentice in Washington; Editing by Cynthia Osterman) Read more: CNA »
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