Asian Stocks Off Record Highs as Wall St. Flags

Asian Stocks Off Record Highs as Wall St. Flags

Investors were spooked by the first two-day decline on Wall Street so far this year, which prompted a flight to the safety of USA government bonds, said Gennadiy Goldberg, interest rates strategist at TD Securities in NY. The dollar index last stood at 89.160 after rising as high as 89.637 in the last session. The slide erased some of the gains the market had racked up since the beginning of the year, though the market was still on track to close out January with a gain.

The pan-European FTSEurofirst 300 index closed down 0.83 percent and MSCI's all-country world stock index shed 0.99 percent.

The Nasdaq Composite dropped 23.86 points, or 0.32 percent, to 7,481.92. The S&P 500 lost 7.6 points, or 0.26 percent, to 2,865.27.

The bearish sentiment in Asia followed a softer lead from Wall Street, which has led a global equities rally over the past year as strong global economic growth has fuelled higher corporate earnings and stock valuations.

The US Treasury 10-year note yield touched its highest in almost four years overnight at 2.733 per cent, while 30-year bond yield climbed to its highest since May 2017.

Benchmark 10-year U.S. Treasury notes fell 5/32 in price to yield 2.7199 percent.

"The yield rise may have bumped off US stocks from highs, but a correction was due after their recent gains", Ichikawa said.

"This is a rise in real interest rates, also reflecting a rise in inflation expectations", said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.

Investors awaited President Donald Trump's first State of the Union address to Congress Tuesday night, a Federal Reserve statement on Wednesday and a jobs report on Friday that serves as a key barometer of the USA economy.

More news: Donald Trump called for Robert Mueller's firing past year , then backed off
More news: #ShareIt11: Super blue blood moon
More news: Hong Kong to ban ivory sales

TRUMP: Also on investors' radar: Tuesday night's State of the Union address by President Donald Trump, and a two-day meeting of the Federal Reserve's policymaking committee that wraps up Wednesday.

The dollar rose 0.2% to ¥109.110 following its descent to a four-month low of ¥108.280 on Friday.

The euro was down 0.2 percent at $1.2361 after slipping overnight from a three-year peak of $1.2538. Hong Kong's Hang Seng edged 0.1 percent lower to 32,589.83 and Sydney's S&P-ASX 200 added 0.3 percent to 6,037.70.

Oil prices extended losses after being pressured by the dollar's bounce and rising US crude output.

Brent crude futures settled down 44 cents to $69.02 a barrel, while West Texas Intermediate futures slid $1.06 to settle at $64.50.

Oil prices extended losses after being pressured by the dollar's bounce and rising U.S. crude output. It rose 63 cents, or 1 percent, to $66.14 a barrel in NY.

The April gold contract was up US$1.30 to US$1,346.40 an ounce and the March copper contract was unchanged at US$3.19 a pound.

The metal climbed to $1,366.06 last week, its highest since August 2016.

Related Articles

  • United Airlines denies woman's 'emotional support peacock'

    United Airlines denies woman's 'emotional support peacock'

    United Airlines disallowed a female traveler from taking a peacock as an "emotional-support animal" on board a flight. Airlines are anxious about passengers bringing fake emotional support animals onto their flights.

    Cheniere Energy Partners LP (CQP) to Issue Quarterly Dividend of $0.50

    Silvercrest Asset Management Group Llc increased Lancaster Colony Corp Com (LANC) stake by 5.03% reported in 2017Q3 SEC filing. Cheniere Energy Partners LP Holdings, LLC (NYSEAMERICAN:CQH) has risen 35.95% since January 31, 2017 and is uptrending.
    PayPal Holdings, Inc. (PYPL) Swings Under Technical Examination- DST Systems, Inc. (DST)

    PayPal Holdings, Inc. (PYPL) Swings Under Technical Examination- DST Systems, Inc. (DST)

    Day trader is more concerned about stock different technical indicators and closes the all trading before the end of trade. Lastly, more shares traded means less of a spread in between the bid and the ask, which can effect your bottom line.
  • Yashwant Sinha forms 'Manch' to raise burning issues

    Yashwant Sinha forms 'Manch' to raise burning issues

    The group leader Yashwant Sinha compared the present situation in the country to the time when Mahatma Gandhi was assassinated. Disgruntled BJP MP Shatrughan Sinha along with a group of politicians has joined the group.

    Gronkowski Practicing, Hopeful for Super Bowl

    Fortunately, there's another week for Gronk to get healthy for the Eagles . "Hopefully by tomorrow [Wednesday]". However, that only indicates that Gronkowski would NOT play if the game were played on January 28.
    Destiny 2 Releases Roadmap for Future Updates and Changes

    Destiny 2 Releases Roadmap for Future Updates and Changes

    March highlights include Iron Banner going 6v6 from 4v4, and Crucible quitter penalties. Heroic Strike modifiers will also make their way into the game with this update.
  • TSA seizes almost  4000 guns from carry-on bags a year ago

    TSA seizes almost 4000 guns from carry-on bags a year ago

    TSA wouldn't release the name of the passenger, but confirmed it was a former governor. January 30-Former Mississippi Gov.
    Malcolm Butler Has No Doubts About Wanting To Stay With Patriots

    Malcolm Butler Has No Doubts About Wanting To Stay With Patriots

    Now that we're less than four days away from the big game, it's still not 100 percent certain how healthy Gronkowski is. If anything, Brady gives off the impression he has no worries outside of playing the Eagles .
    Rob Gronkowski on field with Patriots at practice in Minnesota

    Rob Gronkowski on field with Patriots at practice in Minnesota

    Tom Brady was also on the field, gripping a football without a glove on his right hand. Gronkowski returned to practice on Saturday and in full pads.
  • 11 found dead after fire guts Sapporo residential welfare facility

    11 found dead after fire guts Sapporo residential welfare facility

    Eleven people, a lot of them elderly welfare recipients, burnt to death in a hostel for the poor and disabled in northern Japan . He said each room had a kerosene heater and kerosene for refueling was stored in a communal area on the ground floor.
    Jordan Hugill: the imposing target man in talks with West Ham United

    Jordan Hugill: the imposing target man in talks with West Ham United

    It remains to be seen if Crystal Palace or Leeds will make a late move to hijack West Ham's Hugill swoop. We've got no intention of selling him - a team's come in with an offer and we've rejected an offer".

    New York Community Bancorp posts 4Q profit

    Dte Energy Company had 23 analyst reports since July 28, 2015 according to SRatingsIntel. (NYSE:HCA) rating on Friday, October 13. Alecta Pensionsforsakring Omsesidigt boosted its position in New York Community Bancorp by 8.6% in the 3rd quarter. (NYSE:NYCB).