Asian shares were mixed after a rough day on Wall Street, where US technology stocks tumbled in the face of rising inflation expectations.
South Korea’s tech-focused Kospi fell 0.5 per cent on Tuesday, Hong Kong’s Hang Seng rose 0.3 per cent and China’s CSI 300 index of Shanghai-and Shenzhen-listed stocks climbed 0.2 per cent. Japan’s market was closed for a national holiday.
The Chinese stock benchmark suffered its biggest drop in more than six months on Monday over concerns that the country’s rapid recovery from the pandemic could bring on quicker removal of support for asset prices.
On Wall Street on Monday, the S&P 500 shed 0.8 per cent, while the tech-centric Nasdaq Composite tumbled 2.5 per cent. Facebook, Amazon, Apple, Netflix and Google parent Alphabet all fell in what some investors suggested was the beginning of an overdue correction.
A sell-off in US government bonds, returns on which are undermined by inflation, picked up on Monday, with the 10-year US Treasury yield, which moves inversely to price, rose 0.03 percentage points, to 1.37 per cent. That helped undermine US equities, as low long-term interest rates boost the value of companies’ future cash flows.
With Japan on Holiday treasuries were not trading in Asia on Monday, delaying any further moves by yields until the European open.
Investors will also be scrutinising Fed chair Jay Powell’s testimony to Congressional committees on Wednesday for any hint on whether rising inflation could push the Federal Reserve to end ultra-loose monetary policy.
“The reality today is that inflation is a risk – core government bond yields are rising as markets reprice for better future growth”, said Kerry Craig, a global market strategist at JPMorgan Asset Management. “But some inflation may not be a bad thing, and the recovery has a long way to go before it becomes a problem.”
Oil prices continued to rise, with Brent crude, the global benchmark, up 1.5 per cent at $66.24 a barrel. US marker West Texas Intermediate rose 1.4 per cent to $62.59.
在华尔街经历了艰难的一天后,亚洲股市涨跌不一,其中美国科技股在通胀预期上升的情况下暴跌。
韩国科技股Kospi周二下跌0.5%,香港恒生指数上涨0.3%,中国沪深上市股票沪深300指数上涨0.2%。日本市场因国庆节休市。
中国股票基准指数周一遭遇六个多月来最大跌幅,因担心中国从疫情中的快速复苏可能会给资产价格带来更快的支撑消除。
周一华尔街,S&P 500指数下跌0.8%,而以科技为核心的纳斯达克综合指数下跌2.5%。脸书、亚马逊、苹果、Netflix和谷歌母公司Alphabet均下跌,一些投资者认为这是逾期修正的开始。
美国政府债券的回报率受到通胀的破坏,周一美国政府债券的抛售有所回升,与价格走势相反的10年期美国国债收益率上涨0.03个百分点,至1.37%。这有助于打压美国股市,因为长期利率偏低提升了公司未来现金流的价值。
由于日本放假,国债周一在亚洲没有交易,将收益率的进一步走势推迟到欧洲开盘前。
投资者还将仔细研究美联储主席鲍威尔周三在国会委员会的证词,以寻找任何关于通胀上升是否会推动美联储结束超宽松货币政策的暗示。
"如今的现实是,通胀是一种风险--核心政府债券收益率正在上升,因为市场为未来更好的增长重新定价",摩根资产管理公司全球市场策略师Kerry Craig表示。"但一些通胀可能不是坏事,在成为问题之前,复苏还有很长的路要走"。
油价继续上涨,全球基准布伦特原油上涨1.5%,报66.24美元/桶。美标西德克萨斯中质油涨1.4%,报62.59美元。