Asian shares dip; investors look to China's property data, South Korea's trade numbers

3 yıl önce

SINGAPORE â Shares in Japan tumbled in early trading on Friday, after U.S. stocks fell overnight as Treasury yields climbed to highs.

The Nikkei 225 was down 1.27%, while the Topix declined 1.2%. Tech shares fell, with SoftBank Group dropping 2.33%, and Sony tumbling more than 3%.

South Korea's Kospi was also down around 1%.

Economic data due out on Friday includes China's property prices and South Korea's trade data.

Many markets in the region are closed for the Good Friday holiday, including Australia, Singapore, India and New Zealand.

We think there is scope for the 10-year Treasury yield to rise further over the next twelve months or so, with a peak only likely to come around the middle of next year.

Franziska Palmas

markets economist, Capital Economics

U.S.-listed Chinese tech stocks dropped overnight after a Bloomberg report said China's -anti-corruption watchdog was among agencies involved in an investigation into links between Alibaba's Ant Group and state-owned Chinese firms.

New York-listed Alibaba closed more than 4% lower, while JD.com fell about 3% and Pinduoduo plunged nearly 9%.

Hong Kong markets are also closed for the Good Friday holiday.

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U.S. stocks fell Thursday, capping a losing week as investors digested mixed earnings results from major banks and rising inflation.

The S&P 500 fell 1.21% to 4,392.59, while the Nasdaq Composite lost 2.14% to 13,351.08. The Dow Jones Industrial Average lost 113.36 points, or 0.33%, to 34,451.23.

Inflation was in focus this week. U.S. Treasury yields climbed higher as inflation reports showed sharply rising prices, driving expectations of more aggressive Fed tightening. On Thursday, the benchmark 10-year U.S. Treasury yield rose to multiyear highs, climbing 13 basis points to top 2.8%.

"We think there is scope for the 10-year Treasury yield to rise further over the next twelve months or so, with a peak only likely to come around the middle of next year," Franziska Palmas, markets economist at Capital Economics, said in a note.

She cited analysis of the 10-year Treasury yield during eight major Fed tightening cycles since the 1970s, which suggests that the current selloff "may have further to run."

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 100.45, regaining its strength to rise back above the 100 mark.

The Japanese yen traded at 126.19 per dollar, continuing to weaken. The Australian dollar continued to fall and was trading at $0.7407.