Asian stocks under pressure
Equities in China underperform and those in Hong Kong and Korea tumble, while Japanese shares fluctuate as the yen weakens
Sydney — Asian equities dropped as technology shares came under earnings-related pressure. Treasuries steadied after the global climb in yields that gripped markets early in 2018 made a comeback. Stocks in China underperformed with those in Hong Kong and Korea also falling. Japanese shares fluctuated as the yen weakened. Tech shares were the region’s biggest losers after Taiwan Semiconductor Manufacturing’s disappointing forecast rekindled the concern the handset boom is waning. Australian bonds tracked losses overnight in government debt markets from the UK to Germany and the US, where 10-year treasury yields breached 2.90%. The dollar extended this week’s advance. While investors debate the cause of the decline in sovereign debt, bond market gauges showed an increase in the expectation for US inflation after recent torrid gains in metals from aluminium to nickel. Trade remains in focus with the US treasury department considering using an emergency law to curb Chinese investments i...
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