MSCI’s broadest index of Asia-Pacific shares outside Japan eased from a one-week high of 682.36 points to 678.22. The index is now down 2.2% for the month and is on track for its first loss in five months.
Chinese shares deepened their losses with the blue-chip index down 0.9%, while Hong Kong’s Hang Seng Index shed 0.4%.
Japan’s Nikkei fell 0.9% as the country’s industrial output declined in February due to the fall in the production of cars and electric machinery
Australia’s benchmark index rose 0.8% while New Zealand gained 0.9%
In Europe, futures for Euro Stoxx 50, German’s DAX, and London’s FTSE were down 0.2% each
ANZ analyst says markets are watching closely to gauge the damage and potential ripple effects caused by the Archegos Capital Management crisis.
While pandemic risks are abating, financial market risks remain elevated, following the Archegos crisis that left some global banks exposed-ANZ
The risk-off sentiment led to a surge in bond yields with the U.S Treasury yields jumping 83 basis points this quarter, the biggest gain in over a decade.
Despite the market rout, BlackRock analysts remain “overweight” on equities and “underweight” in U.S Treasuries, expecting a nominal increase in yields over 6-12 months.
Global stocks are currently declining. MSCI Asia Pacific Index is down 0.06%, EURO STOXX 50 is down 0.12%, S&P 500 is down 0.32%
