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Asian stocks will open mostly lower on Friday, pressured by U.S. Treasury yields that rose to 14-month highs overnight and oil prices, which fell to their biggest one-day declines since last summer. .
FILE PHOTO: A man walks past a stock listing meeting at a brokerage in Tokyo, Japan, on February 26, 2021. REUTERS / Kim Kyung-Hoon / File Photo
NEW YORK: Asian stocks will open mostly lower on Friday, pressured by U.S. Treasury yields that rose to 14-month highs overnight and oil prices, which fell for their biggest declines of a day since last summer.
Australia’s S & P / ASX 200 Index lost 0.21% in early trading, and Hong Kong Hang Seng Index futures lost 0.72%.
In Japan, where the central bank will meet on Friday, Nikkei 225 futures added 0.08 percent. E-mini futures for the S&P 500 were up 0.21%.
The 10-year U.S. Treasury yield rose above 1.75 percent on Thursday for the first time in 14 months after the Federal Reserve pledged to look beyond inflation and hold rates. interest near 0 percent until at least 2024, then marked lower after the release of mixed economic data.
The jump in yields accelerated the exit of growth stocks with the heavy-tech Nasdaq slipping more than 3%.
The benchmark S&P 500 index fell from all-time highs, while MSCI’s indicator of global stocks lost 0.71%.
Oil prices plummeted, falling for the fifth day in a row, on growing concerns about rising COVID-19 cases in Europe as several large economies have had to re-impose lockdowns.
France’s prime minister imposed a month-long lockdown on Paris and parts of the north after a faltering vaccine launch and the spread of highly contagious coronavirus variants forced President Emmanuel Macron to change course.
A rally in the dollar, which was supported by higher US bond yields, also put pressure on oil prices, as a stronger dollar makes oil more expensive for holders of other currencies.
Brent crude futures closed down $ 4.72, or 6.9 percent, at $ 63.28 a barrel, while US crude futures closed at $ 60 a barrel, down $ 4.20. $ 60 or 7.1 percent.
On Wall Street, the Dow Jones Industrial Average fell 153.07 points, or 0.46%, to 32,862.3, the S&P 500 lost 58.66 points, or 1.48%, to 3,915.46 and the Nasdaq Composite fell. 409.03 points, or 3.02%, at 13,116.17. .
The pan-European STOXX 600 Index rose 0.40 percent.
Benchmark 10-year notes US10YT = RR last fell 21/32 in price to yield 1.7135 percent, from 1.641 percent late Wednesday.
The US dollar rallied across the board as higher Treasury yields helped it to recoup the losses of the previous session.
The dollar index was up 0.482 percent, and the euro was up 0.02 percent at $ 1.1917.
The Australian dollar was up 0.08 percent against the dollar at $ 0.776.
(Reported by Elizabeth Dilts Marshall in New York; edited by Matthew Lewis)
