TOKYO – Asian shares declined Tuesday on heavy selling of property and technology shares.
U.S. futures slipped and oil prices were little changed.
Hong Kong’s Hang Seng dropped 2.4% to 16,238.79, while the Shanghai Composite lost 1.7% to 2,972.30 as worries flared over weakness in the Chinese economy.
Japan’s benchmark Nikkei 225 slipped 1.4% to finish at 32,775.82. Australia’s S&P/ASX 200 dipped 0.9% to 7,061.60. South Korea’s Kospi shed 0.8% to 2,494.28.
A key report on Japanese inflation showed core consumer prices in Tokyo, which excludes volatile food prices, rose 2.3% from a year ago, slowing from previous months’ increases.
On Monday, the S&P 500 closed 0.5% lower. The benchmark index was coming off its best month in more than a year, and reached its highest level since March 2022 on Friday.
The Dow Jones Industrial Average slipped 0.1%, while the Nasdaq composite dropped 0.8%.
Treasury yields rose broadly, putting some pressure on stocks. The yield on the 10-year Treasury, which influences mortgage rates, climbed to 4.25% from 4.21% late Friday.
Technology and communication services companies were the biggest weights on the market. Microsoft fell 1.4%, Nvidia dropped 2.7%, Meta Platforms slid 1.5% and Netflix lost 2.5%.
Alaska Air Group slumped 14.2% after announcing it will buy Hawaiian Airlines for $1 billion in cash plus the assumption of debt. The deal would test the Biden administration as it fights consolidation in the airline sector.
Spotify surged 7.5%…
