US Futures and Asian Stocks Drop Due to Growth Concerns – Asia Market Wrap
Asian shares fell, extending two weeks of increased volatility that cost hedge funds money and prompted Wall Street strategists to downgrade their estimates for US markets.
A regional stock index lost 0.4% in afternoon trade after reversing gains at the open. Equity-index futures for the US and Europe both fell 0.5%, while Nasdaq 100 contracts fell 0.9%, erasing Wednesday’s gains following lower-than-expected US inflation statistics. Treasury yields rose and the Yen strengthened after BoJ’s Ueda said he expects real wages and consumer expenditure to increase.
Hong Kong’s stock market has emerged as one of the biggest beneficiaries of Trump’s turbulent first 50 days in office. The city’s Hang Seng benchmark has risen 21% since Trump took office, making it the world’s best performer. According to persons acquainted with the situation, the city’s stock exchange is examining alternatives for lowering the bar for investors to buy some of the city’s most costly equities in order to boost trading volume.
Japanese government bond futures fell to their lowest level since November 2009 after Ueda’s comments as import inflation falls while wage growth remains strong. In commodities, gold increased to roughly $2,940 per ounce. Oil dipped Thursday, following its largest gain in two weeks.
