Stock market today: Asian shares track Wall Street slump triggered by strong US spending data
Asian shares have skidded following a slump on Wall Street after higher yields in the U.S. bond market cranked up pressure on stocks
BANGKOK — Asian shares skidded Tuesday following a slump on Wall Street after higher yields in the U.S. bond market cranked up pressure on stocks.
The Shanghai Composite index lost 1.4% to 3,013.84 even though the Chinese government reported that the economy grew at a faster-than-forecast annual rate of 5.3% in the first quarter of the year. In quarterly terms it expanded at a 1.6% pace.
The Hang Seng in Hong Kong lost 1.9% to 16,279.66.
Tokyo's Nikkei 225 fell 2.1% to 38,402.59 as the dollar continued to gain against the Japanese yen, hitting fresh 34-year highs. By midday the dollar was trading at 154.33 yen, up from 154.27 yen.
The euro slipped to $1.0613 from $1.0626.
Elsewhere in Asia, Taiwan's Taiex led the regional decline, falling 2.6%. Markets in Bangkok were closed for Songkran holidays.
In South Korea, the Kospi declined 2.3% to 2,609.13, while Australia's S&P/ASX 200 fell 2% to 7,595.30.
On Monday, the S&P 500 tumbled 1.2% to 5,061.82, following up on its 1.6% loss from last week, which was its worst since October. The Dow Jones Industrial Average dropped 0.7% to 37,735.11, and the Nasdaq composite slumped 1.8% to 15,885.02.
Stocks had been solidly higher earlier in the day, as oil prices eased with hopes that international efforts to calm escalating tensions in the Middle East may help. But Treasury yields also spurted upward following the latest report on the U.S. economy to blow past expectations.
The economy and financial markets are in an awkward phase where such strength raises hopes for growing profits at companies but also hurts prospects for easier interest
Read more on abcnews.go.com
