HONG KONG (Reuters) – Stocks fell across the board and the US dollar fell early on Tuesday as investors focused on earnings and economic growth prospects in a busy week.
MSCI’s broadest index of non-Japanese Asia-Pacific equities fell 0.7% by 0220 GMT. Hong Kong benchmarks fell 1.2% for him, while mainland stocks fell 0.7% for him.
Markets in Australia and New Zealand were closed for a public holiday.
Japan’s benchmark Nikkei average rose 0.5%. US stock futures S&P 500 e-minis fell 0.2%.
On Monday, the Nasdaq closed lower, trailing the S&P 500 and the Dow. Under pressure from a high-profile megacap as investors waited for results from companies such as Microsoft, Tesla shares fell on concerns about spending plans.
Prashant Bayani, Chief Investment Officer for Asia at BNP Paribas Wealth Management, said: “There are many uncertainties. No… we don’t know when inflation will reach a sustained peak.
Bhayani also pointed to fears about other weaknesses that could be exposed by the turmoil in US and Swiss banks.
Market participants are awaiting corporate earnings and various economic data from the United States, Europe and China for clues as to growth momentum and when a recession in the U.S. economy will begin, he added.
Yields fell in the Treasury market as participants looked for less risky places to store their cash on concerns about an impending debt ceiling.
The benchmark 10-year bond fell to 3.4787% by 0220 GMT after rising to 3.5034% on Monday.
One-month Treasury bond yields rose from their lowest level since October on Monday on concerns about a possible conflict over the US debt ceiling.
The dollar index fell 0.1%, making gold more attractive to buyers holding other currencies. Investors are looking forward to more US economic data this week to determine the Federal Reserve’s next policy move.
Spot gold traded at $1998.68 per ounce.
Oil prices were stable as investors considered that strong holiday travel in China was boosting fuel demand and higher interest rates elsewhere could slow economic growth.
Brent crude rose 5 cents to $82.78 a barrel and US West Texas intermediate crude rose 9 cents to $78.85 a barrel.
(Edited by Himani Sarkar)