Asian Stocks Ease After Multi-Year High Ahead of Earnings Rush
Asian shares slipped on Tuesday after reaching their highest level in nearly four years, as investors turned cautious ahead of a wave of corporate earnings.
MSCI’s Asia-Pacific index (excluding Japan) rose to its highest since October 2021 before retreating 0.4%. The index remains up nearly 16% year-to-date.
Japanese markets reopened after a holiday, reacting to weekend election results where the ruling coalition lost ground in the upper house. However, Prime Minister Shigeru Ishiba said he would stay on. After an early jump, Japanese stocks turned negative by afternoon, with the outcome largely priced in.
The yen rebounded 1% on Monday but was last trading slightly weaker at 147.73 per dollar.
On Wall Street, the S&P 500 (+0.1%) and Nasdaq (+0.4%) closed at record highs, while the Dow dipped slightly (-0.1%) to 44,323.53.
US 10-year Treasury yields eased to 4.387%, down from 4.423% on Sunday.
