Global Markets Track U.S. Declines
Specialists on the floor of the New York Stock Exchange on Tuesday.
Photo:
Richard Drew/Associated Press
Global stocks declined, after rising bond yields put pressure on technology stocks and pushed the S&P 500 to its steepest pullback since May.
In Wednesday morning trading in Tokyo, Japan’s Nikkei 225 index dropped 2.6%, while the Kospi Composite in Seoul fell about 2%. Australia’s S&P / ASX 200 dropped 1.5%.
However, U.S. stock futures rose modestly, suggesting that American markets could regain some ground in Wednesday trading. Futures tied to the S&P 500, Nasdaq 100 and Dow Jones Industrial Average rose between 0.3% and 0.4%.
In Hong Kong, the city’s flagship Hang Seng Index dropped 0.2%, with Chinese technology stocks following their U.S. peers downward. Sector heavyweight
shed 3%, while food-delivery giant Meituan dropped 3.7%.
Shares in
gained nearly 5%, after the ailing real-estate giant said it agreed to sell part of its stake in a Chinese regional bank for more than $1.5 billion.
Bond yields, which rise as prices fall, inched higher, after the benchmark 10-year Treasury yield hit 1.534% on Tuesday, its highest since June. In Wednesday morning trading in Hong Kong, the yield on 10-year Treasury notes stood at 1.539%, according to Tradeweb.Write to Frances Yoon at frances.yoon@wsj.com and Quentin Webb at quentin.webb@wsj.com
Write to Frances Yoon at frances.yoon@wsj.com and Quentin Webb at quentin.webb@wsj.com
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