Sydney — Asian shares slipped on Monday as investors braced for a Federal Reserve meeting at which it is expected to confirm it will soon start draining the huge lake of liquidity that has supercharged growth stocks in recent years.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.7% and Japan's Nikkei 0.1%. Chinese blue chips added 0.4%, perhaps aided by the recent easing in policy by Beijing.But Wall Street futures bounced after last week's drubbing, with the S&P 500 futures up 0.7% and Nasdaq futures 0.8%. The prospect of higher borrowing costs and more attractive bond yields has taken a toll on tech stocks with their lofty valuations, leaving the Nasdaq down 12% so far this year and the S&P 500 nearly 8%.
However, Allen noted that even with the recent drop the S&P 500 was still 40% above where it ended 2019, and the Nasdaq 60%. Earnings season is also well under way and companies reporting this week include IBM, Microsoft, Johnson & Johnson, Tesla and Apple.While Treasuries did bounce late last week, 10-year yields are still up 22 basis points on the month so far at 1.77% and not far from levels last seen in early 2020.
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