Shares in Asia were set to decline at the open on Thursday morning following an overnight slip on Wall Street after the closely-watched 10-year Treasury yield touched its lowest in more than a year.
div > div.group > p:first-child"> Futures pointed to a lower open for the Nikkei 225 in Japan. The Nikkei futures contract in Chicago was at 21,175, as compared to the benchmark index's last close at 21,378.73.
The declines came as the benchmark 10-year rate hit its lowest level since Dec. 15, 2017. It was last at 2.3806 percent. "The reason why it is so accurate is because when short term rates exceed long time rates, it is telling us that investors are worried about the near term outlook for the economy and want to be compensated more for tying up their money during this time," Kathy Lien, managing director of foreign exchange strategy at BK Asset Management, wrote in an overnight note.
On the U.S.-China trade front, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are set to resume negotiations with their Chinese counterparts in Beijing on Thursday, in a bid to strike a deal on trade.
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