Asian shares come off the boil, after Wall Street’s Apple-induced decline
Tokyo — Asian stocks retreated from record highs on Tuesday, after a selloff in Apple shares knocked Wall Street lower overnight. The dollar, meanwhile, found support as US bond yields climbed to nearly four-year highs. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.5% after rising to an all-time high the previous day. Australian stocks shed 0.4%, South Korea’s Kospi lost 0.1% and Japan’s Nikkei dropped 0.7%. Hong Kong’s Hang Seng slipped 0.2% and Shanghai was down 0.3%. 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. On Monday, US stocks pulled back from record highs, with the Dow Jones industrial average and the S&P 500 index marking their biggest one-day percentage declines in about five months, weighed down by a slide in Apple shares. The dollar, however, enjoyed a reprieve from some pe...
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