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Asian stocks mostly fall after Wall Street losses and oil prices rise

Asian shares declined following Wall Street losses; rising treasury yields and oil prices pressured regional markets

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Caída de las bolsas en el mundo; Mercados Mundiales;; China; Pekin; Beijing; Wall street; Mercados; Lunes negro; New York; Dubai; Europa; CHina
Asian stocks mostly fall after Wall Street losses and oil prices riseTIMOTHY A. CLARY - AFP

HONG KONG (AP) — Asian shares mostly fell on Tuesday following Wall Street losses , while U.S. Treasury yields paused their runup after reaching their highest level in roughly two decades.

U.S. futures edged lower, and oil prices climbed over uncertainties over U.S.-Iran talks and the possibility of a reopening of the Strait of Hormuz , a waterway that's crucial for oil transport.

On Monday the S&P 500 slipped 0.8%, the Dow Jones Industrial Average fell 0.7%, and the Nasdaq composite dropped 0.9%.

Stocks have been under pressure from rising yields on U.S. Treasuries, with investors looking for higher returns under growing worries about inflation and rising U.S. government debt .

The yield on the 10-year U.S. Treasury was at its highest since 2007. It was at around 5.25% early Tuesday, after hitting 5.27% Monday, compared with around 5.17% last Friday.

Already high oil prices, which contributed to inflation, went up early Tuesday, even as mediators continued to work with the U.S. and Iran on reaching a deal. U.S. President Donald Trump over the weekend had rejected an offer from Tehran in reopening the Strait of Hormuz.

Brent crude, the international standard, gained 1.8% to $99.63 per barrel, well above the roughly $72 a barrel level in late February before the Iran war.

Japan’s Nikkei 225 lost 1.2% to 65,114.64. South Korea’s Kospi declined 0.6% to 6,847.56. Hong Kong’s Hang Seng dropped 0.5% to 24,516.46. Hong Kong-traded shares of Shein fell 11.7%, after the fast-fashion online retail company reported its adjusted net profit for the latest quarter fell 67% from the year before.

The Shanghai Composite index was up 0.1% to 3,826.51 following a report from China’s official Xinhua News Agency late Monday that its State Council discussed “improving the effectiveness” of macro policies to help boost its economy.

Australia’s S&P/ASX 200 edged up 0.1% to 8,686.20.

Taiwan’s Taiex was 0.6% lower, while India’s Sensex fell 0.7%.

The U.S. dollar rose to 157.42 Japanese yen from 157.39 yen. The euro was trading at $1.1362, down from $1.1371.

AP Business Writer Stan Choe contributed to this report.

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