HONG KONG, April 25 ― Stocks fell broadly, while the US dollar also weakened early today, as investors weigh corporate earnings and economic growth outlooks in a busy week.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7 per cent by 0220 GMT. Hong Kong's benchmark edged down 1.2 per cent, while mainland stocks lost 0.7 per cent.
Markets in Australia and New Zealand are shut for a holiday.
Japan's benchmark Nikkei average gained 0.5 per cent. US stock futures, the S&P 500 e-minis lost 0.2 per cent.
Yesterday, the Nasdaq closed lower, underperforming the S&P 500 and the Dow, with pressure from high-profile megacaps as investors awaited results from companies including Microsoft, while Tesla shares fell on concerns about its spending plans.
“There's a lot of uncertainty. People still don't know how much bank lending has been impacted by recent developments ... when inflation will durably peak,” said Prashant Bhayani, chief investment officer Asia, BNP Paribas Wealth Management.
Bhayani also pointed to anxiety about other weak spots that might be exposed by the US and Swiss banking turmoil.
Market participants are waiting for corporate earnings and a mix of economic data from the US, Europe and China for cues on the growth momentum and when a recession in the US economy might start, he added.
In the US treasury market, yields fell as participants looked for less risky places to park cash amid concerns over the approaching debt ceiling deadline.
Benchmark 10-year notes edged down to 3.4787 per cent by 0220 GMT, after strengthening yesterday to 3.5034 per cent.
One-month Treasury yields rose from their lowest levels since October yesterday on concerns about a potential standoff over the US debt ceiling.
The dollar index was down 0.1 per cent, making gold more attractive for buyers holding other currencies. Investors are looking forward to further US economic data this week to gauge the Federal Reserve's next policy move.
Spot gold was traded at US$1998.68 (RM8,873) per ounce.
Oil prices were steady as investors weighed strong holiday travel in China that could boost fuel demand with the prospect of rising interest rates elsewhere slowing economic growth.
Brent crude edged up 5 cents US$82.78 a barrel, while US West Texas Intermediate crude edged up 9 cents to US$78.85 a barrel. ― Reuters