Japan stocks set for decline as investors watch U.S. Treasury yields
SINGAPORE — Shares in Japan looked set for a lower start on Wednesday as investors monitor moves in U.S. Treasury yields.
Chicago’s Nikkei futures contract was 29,700, while Osaka’s counterpart was 29,680. Compare that to the Nikkei 225’sLast close was at 29.774.11. Japan closed its markets on Tuesday to observe a holiday.
Morning trade saw Australian stock prices fall as Australian shares were less S&P/ASX 200The decline was 0.2%
Other central bank news: The Reserve Bank of New Zealand will publish its interest rate decision as well as monetary policy statement at 9.30 HK/SIN.
Wall Street technology stocks are feeling the effects of rising Treasury yields. The Nasdaq Composite fell 0.5% overnight to 15,775.14. High-growth companies in tech sectors are usually viewed negatively by higher rates because their future earnings appear less appealing against rising yields.
Meanwhile, the Dow Jones Industrial Average gained 194.55 points to 35,813.80 while the S&P 500 climbed about 0.17% to 4,690.70.