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ASIAN STOCKS, U.S. FUTURES RETREAT
- By The Financial District
- May 11, 2021
- 2 min read
Asian stocks and US equity futures slid Tuesday after a technology-led tumble on Wall Street as surging commodity prices stoked concern about inflation. The dollar pared a decline, Andreea Papuc and Emily Barrett reported for Bloomberg News.
A gauge of Asian equities fell the most since March, with technology stocks underperforming amid a sea of red from Japan to Hong Kong.
Nasdaq 100 contracts retreated more than 1% after the index tumbled on the growing anxiety over inflation, which can threaten longer-horizon revenues typical of the technology sector. S&P 500 futures dropped after the gauge fell from an all-time high.
Oil retreated as traders monitored the worsening fallout from the closure of the largest US oil-products pipeline.
The spotlight remains on commodities generally and the market implications of recent jumps in materials like copper and iron ore.
Concerns about knock-on price pressures boosted a gauge of inflation expectations to the highest level since 2006. The benchmark 10-year Treasury yield slipped back after earlier rising to 1.60%. Nasdaq 100 eyes short-term average as tech-heavy gauge loses more than 2%
S&P 500 futures dipped 0.6% as of 11:31 a.m. in Tokyo. The S&P 500 Index shed 1%. Nasdaq 100 contracts lost 1.1%. The Nasdaq 100 fell 2.6%. Japan’s Topix index dropped 1.8%. Australia’s S&P/ASX 200 Index fell 0.7%. South Korea’s Kospi index lost 1.5%.
Hong Kong’s Hang Seng Index dropped 1.7%. Shanghai Composite Index lost 0.7%. The yen was at 108.93 per dollar. The offshore yuan was at 6.4250 per dollar. The Bloomberg Dollar Spot Index rose 0.1%,
The euro traded at $1.2132. The yield on 10-year Treasuries dipped about one basis point to 1.59%. Australia’s 10-year bond yield held at 1.71%. West Texas Intermediate crude was at $64.40 a barrel, declining 0.5%. Gold was little changed at $1,837.16 an ounce, Claire Ballentine, Vildana Hajric and Caroline Hyde reported for Bloomberg News.
