Markets falter amid losses in South Korea and concern that China has put further stimulus on hold as the economy shows signs of recovery
Shanghai — Equity markets in Asia faltered on Wednesday, amid losses in South Korea and worries that China has put any further stimulus on hold as the economy shows signs of regaining its footing.
Chinese equities also dropped after early gains, pushing the blue-chip CSI300 index down 0.9% and extending losses for the week driven by concerns that Beijing may slow the pace of policy easing following stronger-than-expected first-quarter economic growth. Annual consumer price index inflation in Australia fell to 1.3% in the March quarter, from 1.8% in the previous period, the lowest since 2016.The mixed day in Asia came after upbeat earnings from Coca-Cola, Twitter, United Technologies and Lockheed Martin helped the Nasdaq and S&P 500 indexes reach record closing highs on Wall Street overnight.
“The Fed has been joined in its dovish tilt by major central banks across the globe … the tilt globally reflects genuine concern not to allow individual countries and the globe to tip into recession. That risk has receded,” Greg McKenna, strategist at McKenna Macro in Australia, said in a note to clients.Equity market gains had been bolstered on Tuesday by rising energy shares after Brent crude, the global benchmark, hit its highest level since November 1.
On Wednesday, Brent gave up some gains, trading down 0.54% at $74.11 per barrel. US crude dipped 0.57% to $65.92 a barrel.US Treasury yields declined alongside most Asian equities. Benchmark 10-year Treasury notes yielded 2.5596% compared with a US close of 2.57% on Tuesday, while the two-year yield slipped to 2.3496%, compared with a US close of 2.364%.
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