Asian markets saw a retreat, with Hong Kong’s key index dropping nearly 2%, following mixed US economic data that diminished expectations for imminent reductions in interest rates.
The Nikkei 225 in Tokyo fell 0.3% to 38,707.64, and South Korea’s Kospi plunged 1.9% to 2,666.84.
In Hong Kong, the Hang Seng index decreased by 1.7% to 16,676.70 amid reports of ongoing declines in housing prices since February.
Contrastingly, the Shanghai Composite index rose 0.3% to 3,055.16, while Australia’s S&P/ASX 200 declined by 0.9% to 7,670.30.
In the US, stocks experienced a downturn yesterday after mixed economic data tempered expectations for a quick easing of interest rates.
The S&P 500 dropped by 0.3% to 5,150.48, still hovering near its record high from Tuesday. The Dow Jones Industrial Average fell 0.4% to 38,905.66, and the Nasdaq Composite index decreased by 0.3% to 16,128.53.
The bond market saw more significant movements, with US Treasury yields rising following a report indicating slightly higher-than-expected inflation last month.
The yield on the benchmark 10-year US Treasury bonds surged to 4.29% from 4.18% on Wednesday.
