Asian stocks came off their lows on Friday (June 12) after a selloff in the wake of a Wall Street rout triggered by concerns that the epic rally since March was excessive, given the emergence of a second wave of coronavirus infections in the United States.
- Singapore shares plunged at the open with the Straits Times Index sinking 3.4 per cent.
- The index pared losses to trade down 1.5 per cent by the midday trading break.
- Japanese and Australian shares were down about 2 per cent after paring steeper losses.
- Hong Kong and Shanghai were more modestly lower.
- South Korea’s Kospi index was down 2.3 per cent, after earlier sinking over 4 per cent.
- Japan’s Nikkei index fell 0.7 per cent while Australia’s S&P/ASX 200 Index retreated 1.8 per cent.
- Hong Kong’s Hang Seng Index dropped 1.3 per cent while the Shanghai Composite Index was 0.3 per cent lower.
- US crude slid 1.87 per cent to US$35.66 a barrel.
- Brent crude eased 1.43 per cent to US$38.00 per barrel in Asia on Friday hit by renewed concerns over demand and a large buildup of US crude inventories.
- The yen fell 0.3% to 107.20 per dollar.
- The offshore yuan was flat at 7.0768 per dollar.
- The euro bought $1.1314.
- Bonds The yield on 10-year Treasuries was at 0.69% after sliding six basis points Thursday.
- Australian 10-year yields fell about a basis point to 0.91%.