Asian stocks fall to two-week low
Asian stocks fall to two-week low as hopes fade for big Fed rate cut, tech stocks drag.
World stocks fell for a third straight day on Tuesday, as a stinging warning came from German chemicals giant BASF about the effects of the global trade war and traders hedged bets on a hefty U.S. interest rate cut later this month.
- Futures on the S&P 500 Index declined 0.5% as of 9:22 a.m. London time, heading toward the largest drop in two weeks.
- The Stoxx Europe 600 Index declined 0.7%, the lowest in more than a week.
- The U.K.’s FTSE 100 Index fell 0.2%, the lowest in more than a week.
- Germany’s DAX Index dipped 1.2%, the biggest decrease in more than five weeks.
- The MSCI Asia Pacific Index decreased 0.4% to 158.68, the lowest in almost three weeks.
- The British pound fell 0.4% to $1.246, the weakest in more than two years.
- The euro decreased 0.1% to $1.1201, the weakest in three weeks.
- The Japanese yen dipped 0.1% to 108.82 per dollar, the weakest in almost six weeks.
- The yield on 30-year Treasuries climbed less than one basis point to 2.53%.
- Germany’s 10-year yield increased less than one basis point to -0.36%, the highest in more than a week.
- Britain’s 10-year yield was unchanged at 0.715%.
- West Texas Intermediate crude decreased 0.5% to $57.39 a barrel, the first retreat in a week.
- Gold fell 0.2% to $1,392.48 an ounce, the weakest in more than a week.
- Iron ore increased 3.5% to $116.30 per metric ton