Stocks Declined as Traders Evaluate China Support – Asia Market Wrap
Stocks in Asia fell from their session highs as investors considered the impact of China’s measures to prop up the market and a slew of cautious words from Federal Reserve officials.
Shares in Hong Kong reversed morning-session gains, while those on the mainland fluctuated, raising concerns about the effectiveness of Beijing’s market-stabilizing measures. Volatility is expected to be high when Chinese markets close for the weeklong Lunar New Year holiday beginning Friday.
A barometer of Asian equities touched its best in more than a month. Japanese stocks were restrained amid a mixed bag of earnings from big businesses such as Toyota, Mitsubishi, and Daikin. Contracts for the United States and Europe were mostly unchanged.
The yield on 10-year Treasuries fell in early Asian trade. Bonds recovered in the US session as the three-year auction received strong demand, boosting mood ahead of a record $42 billion sale of 10-Yr Treasuries on Wednesday.