Shares slipped Thursday in Asia as China reported weaker global demand hit its trade in August, adding to pressures on its economy.Hong Kong’s benchmark fell more than 1% and most other major regional markets also declined.
Big technology stocks were among the biggest drags on the market. Apple fell 3.6% and Nvidia dropped 3.1%. The latest pullback in stocks came as Treasury yields climbed following data showing the U.S. services sector remains strong. The yield on the 2-year Treasury, which tracks expectations for the Federal Reserve, rose to 5.04% from 4.96% just prior to the survey’s results being released.Wall Street expects the Fed to hold its benchmark interest rate steady at its next meeting later in September. Investors are mostly betting that the central bank will maintain that pause through the rest of the year. Economic updates last week on consumer confidence, jobs and inflation reinforced those hopes.