Asian shares slipped on Wednesday, giving up their small gains made the previous...
TOKYO - Asian shares slipped on Wednesday, giving up their small gains made the previous day, as investors tried to come to terms with a sharp shift in U.S. bond markets and the implications for the world’s top economy.
Wall Street’s main indexes tallied solid gains on Tuesday but finished below their session highs in a reflection of the underlying concerns about the economic outlook.The 10-year U.S. Treasuries yield inched up to 2.425 percent from Monday’s 15-month low of 2.377 percent, though the yield curve remained inverted, with three-month bills yielding 2.461 percent, more than 10-year bonds.
The silver lining for stock bulls is that in the past it has usually taken many months before the United States had slipped into recession after the curve was first inverted. “We are entering a new phase in markets as the U.S. monetary policy cycle has come to a turning point, from rate hikes to rate cuts,” said Akira Takei, bond fund manager at Asset Management One.
A senior International Monetary Fund official said on Tuesday trade tensions between the U.S. and China have caused huge amounts of economic uncertainty and could cut Asia’s economic growth by 0.9 percentage point.
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