Business Maverick: Asia Stocks Drop With U.S. Futures; Havens Gain: Markets Wrap

Shares fell in Japan, Australia and Hong Kong as the global equity rally seen earlier this week continued to show signs of fatigue. S&P 500 Index futures fell after the index swung between gains and losses for most of Wednesday on light volume before closing in the red. The yuan slipped along with Chinese bond yields after China’s central bank cut a money-market interest rate and injected cash.

“The narrative around policy stimulus and better economic data seems to be losing its sway,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. Australia’s dollar fell after the country reported a much bigger decline in employment than forecast for May, with the unemployment rate surging almost a percentage point.

On the virus front, Texas reported an 11% surge in hospitalizations, the biggest 24-hour increase since June 4. Brazil registered a record 34,918 new infections, while China is escalating containment measures in Beijing including canceling flights. The thin volume in U.S. equities on Wednesday exacerbated swings, including a drop that began around the time newspapers published summaries of John Bolton’s critical book about President Donald Trump.These are some key events coming up:These are some of the main moves in markets:Japan’s Topix index slid 0.9%.Australia’s S&P/ASX 200 Index declined 1.2%.The offshore yuan was at 7.0845 per dollar, down 0.1%.The yield on 10-year Treasury yields fell four basis point to 0.70%.

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