Asian shares mired by growth fears, pound gets Brexit boost
US bond yields have cooled after hitting multiyear highs, and that has pulled the dollar down too
Tokyo — Asian shares barely moved on Wednesday after world stocks hit eight-week lows the previous day, on concern about global economic growth. The pound stayed firm, however, on hope for a Brexit deal. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat, while Japan’s Nikkei average fell 0.4% and the Australian benchmark was up just 0.1%. In China, the mainland benchmark Shanghai composite index shed 0.2% in choppy trade and Hong Kong's Hang Seng added 0.3%. “As uncertainty continues to prevail in financial markets across the world, many investors are staying on the sidelines until more clarity emerges in US treasury and Chinese markets,” said Yasuo Sakuma, chief investment officer at Libra Investments. Benchmark US 10-year treasury yields touched a seven-and-a-half-year peak of 3.261% and those on 30-year bonds hit their highest in more than four years, but later fell back. Some traders say comments on Tuesday by US President Donald Trump helped cool Treasuries yi...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.