ASIAN STOCKS FALL AS INVESTORS FLOCK TO BONDS

Most Asian stocks fell Wednesday after US shares snapped a winning streak and Treasury yields retreated on concerns about the economic outlook and risks from COVID-19 variants. The dollar held an advance, Andreea Papuc reported for Bloomberg News.

Equities fell in Japan and South Korea but rose in Australia. US contracts declined after the S&P 500 dipped from a record, led by the energy and financial sectors. Amazon.com Inc. helped take the Nasdaq 100 to a fresh peak. Ten-year US Treasury yields hit February lows amid slower-than-expected service-sector expansion. Australian and New Zealand sovereign bonds rallied.

China’s cybersecurity probe into ride-hailing giant Didi Global Inc. sparked a 20% plunge in its shares.

The nation issued a sweeping warning to its biggest firms, vowing to tighten oversight of data security and overseas listings, in a broadening crackdown on its corporate sector. Oil pared losses after falling toward $73 a barrel.

The dollar’s climb spurred a commodities selloff, and uncertainty shrouds the next move in the OPEC+ saga.

S&P 500 futures fell 0.2% as of 9:19 a.m. in Tokyo. The S&P 500 fell 0.2%. Nasdaq 100 futures dipped 0.1%. The Nasdaq 100 rose 0.4%. Japan’s Topix index slid 1.2%.

Australia’s S&P/ASX 200 index added 0.3%. South Korea’s Kospi index shed 0.5%. The Japanese yen traded at 110.51 per dollar, up 0.1%. The offshore yuan was at 6.4811 per dollar.

The Bloomberg Dollar Spot Index was steady after rising 0.4%. The euro traded at $1.1817. The yield on 10-year Treasuries held at about 1.35%. Australia’s 10-year bond yield slid 10 basis points to 1.37%. West Texas Intermediate crude rose 0.5% to $73.73 a barrel. Gold was at $1,794.25 an ounce, down 0.2%, Claire Ballentine and Lu Wang reported for Bloomberg News.

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