SINGAPORE-After Wall Street plummeted overnight, Asia-Pacific stock markets fell in early trading on Wednesday. As bond yields rose, the Nasdaq Composite Index plummeted nearly 3%.
this Standard & Poor’s/Australian Stock Exchange 200 Australia fell 0.93%.
The MSCI Asia Pacific’s broadest index outside of Japan fell 0.34%.
Investors are paying attention 10-year Treasury bond yield, Broke through the 1.5% mark on Monday, and continued to rise thereafter, finally located at 1.5565%. The rate of return is inversely proportional to the price.
The rise in overnight yields hit Wall Street’s technology stocks, and the Nasdaq Composite Index fell 2.83% to 14,546.68, its worst day since March. Technology stocks have been hit in an environment of rising yields, because rising interest rates reduce the value of their future cash flows, making popular stocks appear to be overvalued.
Asian technology stocks fell in early trading on Wednesday, while Japanese conglomerates fell SoftBank Group Down nearly 2%, Samsung Electronics’ shares in South Korea fell 2.1%.
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On Wall Street, the S&P 500 Index fell 2.04% overnight to 4,352.63, while the Dow Jones Industrial Average fell 569.38 points to 34,299.99.
this Dollar indexTracking the exchange rate of the U.S. dollar against a basket of currencies recently climbed from below 93.6 to 93.71.
this Japanese Yen The transaction price was 111.64 per U.S. dollar, which was lower than the level of below 111.2 against the U.S. dollar earlier this week.this Australian dollar After falling from above 0.729 US dollars yesterday, it was reported at 0.7239 US dollars.