TOKYO — Asian shares were mostly lower Thursday in subdued trading on looming worries about China property woes.
“The relatively quiet economic calendar today may lead sentiments on a more subdued tone, while reservations on risk taking may continue to revolve around developments on China’s property sector,” said Yeap Jun Rong, market analyst at IG.Trading was closed in South Korea for a holiday. Japan's benchmark Nikkei 225 dropped 1.6% to 31,872.52. Sydney's S&P/ASX 200 slipped nearly 0.1% to 7,024.80.
September is on track to be the S&P 500's worst month of the year as the stock market tries to absorb a leap by Treasury yields to heights unseen in more than a decade. High yields mean bonds are paying more in interest, which makes investors less willing to pay high prices for stocks and other riskier investments.
Even so, the “Fed won’t be overly reactive” to drops in stock prices because the overall economy remains solid, strategists led by Mark Cabana wrote in a BofA Global Research report. Costco Wholesale was another winner, rising 1.9% after it reported stronger profit for the latest quarter than analysts expected.
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