Asia stocks declined Wednesday as rising bond yields stoked fears about inflation and as China Evergrande Group’s debt crisis intensified.
MSCI Inc.’s gauge of Asian stocks had the biggest drop in almost six weeks -- and is headed for its first quarterly slide in six. Japan fell more than 2%. China dropped on the deepening debt crisis at China Evergrande Group. U.S. futuresadvanced after the S&P 500 closed 2% lower -- the most since May -- with concerns over the debt-ceiling impasse in Washington adding to investor angst. The Nasdaq 100 tumbled the most since March as technology shares fared worse than economically sensitive stocks amid rising Treasury yields.
Ten-year Treasury yields stabilized. Earlier, the yield on the 30-year note jumped almost 10 basis points. WTI crude retreated toward $74 a barrel. Brent crude pulled back from a three-year high above $80 a barrel. The dollar held gains.
During a Senate hearing, Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen both warned that a U.S. default due to a failure to raise the debt ceiling would have catastrophic consequences. Republicans blocked a Democratic move in the Senate to raise the debt limit.
Heated remarks from Senator Elizabeth Warren also weighed on markets. After slamming Powell on his track record over financial regulation, Warren said he’s a “dangerous man to head up the Fed” and that’s why she’ll oppose his renomination.
US After Hours MU -4.3% headlines the after hours with weak guidance; SHW -4% also lower on weak guidance; CALM +3.3% higher on earnings
Nikkei -2,42% Hang Seng -0,45% CSI -1,13% Shanghai -1,79% Shenzen -1,83%
Eur$ 1,1685 CNY6,4673 CNH 6,4706 JPY 111?52 GBP 1,3549 CHF 0,9295 RUB 72,732 TRY 8,8817 WTI$ 74,30 GOLD1738,55 BTC 42,200 +415 ETH 2905 +41
S&P +0,63% Nasdaq +0,62 EuroStoxx +0,33% FTSE +0,08% Dax +0,32%
Macro :
- Fed’s Bowman Urges Flexibility in Regulating Community Banks
Macro :
- Fed’s Bowman Urges Flexibility in Regulating Community Banks
- Private Equity Firms Rush to List as Risks Stack Up: ECM Watch
- Evergrande Credit Rating Cut by Fitch on Likely ‘Missed Payment’
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