Asian shares fall as US yields hold near 4-month high, earthquake hits

TheStar Wed, Apr 03, 2024 02:06pm - 2 weeks View Original


SYDNEY: Asian shares tracked Wall Street lower on Wednesday as U.S. yields stood near four-month highs, while a powerful earthquake in the region raised concerns about possible disruptions to the vital chip-making industry.

Europe is set for a subdued open, with EUROSTOXX 50 futures little changed and FTSE futures easing 0.3%. Wall Street stock futures were off 0.2% as investors pondered the risk of fewer rate cuts ahead of an appearance from Federal Reserve Chair Jerome Powell and U.S. services and jobs figures due later in the day.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7%. Japan's Nikkei dropped 0.8%, after a 20% blockbuster rally in the first quarter.

Taiwan's shares skidded 0.5% after a 7.2 magnitude earthquake rocked the island, collapsing buildings, killing at least four people and injuring dozens.

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