Global Stocks Slip After Wall St. Sells04/25 06:20
Global shares fell back on Wednesday, mirroring a sell-off on Wall Street
triggered by worries over slowing growth and falling profits.
TOKYO (AP) -- Global shares fell back on Wednesday, mirroring a sell-off on
Wall Street triggered by worries over slowing growth and falling profits.
KEEPING SCORE: France's CAC 40 edged nearly 0.1 percent lower in early
trading to 5,440.32, while Germany's DAX slipped nearly 0.8 percent to
12,456.33. Britain's FTSE 100 lost 0.4 percent to 7,392.47. U.S. shares were
set to drift lower with Dow and S&P 500 futures both down 0.2 percent.
ASIA'S DAY: Japan's benchmark Nikkei 225 shed 0.3 percent to finish at
22,215.32. Hong Kong's Hang Seng lost 1.1 percent to 30,281.15. The Shanghai
Composite index shed nearly 0.4 percent to 3,117.97. South Korea's Kospi lost
0.6 percent to 2,448.81. Australian markets were closed for Anzac Day, a public
holiday. Southeast Asian shares were also lower.
THE QUOTE: "U.S. markets were rocked by both bond yields and corporate
concerns overnight, seeing only few defensive sectors thriving on the
comprehensive S&P 500 index. This could be a trend that carries through to the
Asian session," says Jingyi Pan, market strategist at IG in Singapore.
TAKEDA-SHIRE: Shares in Japanese pharmaceutical company Takeda
Pharmaceutical Co. tumbled 7 percent to in Tokyo on Wednesday after the company
confirmed it had revised its offer for an approximately 50 percent stake in
biotech company Shire Plc to 46 billion pounds ($64.2 billion). Shire's board
indicated that it would recommend that proposal to its shareholders, Takeda
said in a statement. The two companies have until May 8 to reach a final deal,
YIELDS QUESTION: Bond prices slipped again Tuesday. The yield on the 10-year
Treasury note rose to 2.99 percent from 2.98 percent. Earlier it peaked at 3
percent for the first time since January 2014. Low interest rates have played
an important role in the economic recovery of the last decade, and the yield on
the 10-year note is a benchmark for many kinds of interest rates including
mortgages. It's been climbing because investors expect higher economic growth
ENERGY: Benchmark U.S. crude oil edged 7 cents higher to $67.74 a barrel in
electronic trading on the New York Mercantile Exchange. It shed 1.4 percent to
$67.70 on Tuesday. Brent crude, used to price international oils, gained 13
cents to $73.99 per barrel.
CURRENCIES: The dollar rose to 109.24 yen from 108.82 yen. The euro rose to
$1.2193 from $1.2196.