Stock market today: Asian markets sink, with Hong Kong down almost 3% on selling of property stocks

FILE - A pedestrian passes by the Hong Kong Stock Exchange electronic screen in Hong Kong on July 21, 2023. Stocks mostly slipped in mixed trading Monday, Oct. 2, as the constrictor of higher interest rates tightened its coils around Wall Street. – Asian markets declined Tuesday following a mixed session on Wall Street, where buying was pressured by rising bond yields.Hong Kong’s Hang Seng dropped more than 3% as investors unloaded property shares.

Prices have pulled back after charging higher from $70 in the summer. A barrel of U.S. crude fell $1.97 on Monday to settle at $88.82. “So, investors were on the fence, carefully considering the relationship between economic growth and interest rates and what actions the Federal Reserve might take in response to these factors,” Stephen Innes of SPI Asset Management said in a commentary.

The overall U.S. economy has so far been holding up, defying predictions that it would have fallen into a recession by now.

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