Stock market today: Asian shares slip after Wall St slumps despite strong US economic data

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Stock market today: Asian shares slip after Wall St slumps despite strong US economic data
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Asian markets are mostly lower after shares slumped on Wall Street despite better-than-expected reports on the U.S. jobs market and business activity.

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Hong Kong’s Hang Seng lost 1.6% to 19,137.88 and the Shanghai Composite index dropped 1.5% to 3,182.49. Shares of Tencent fell 2.1%, and shares in CATL, the world’s largest battery maker, dropped 1.4%. Both companies were included in a list released by the On Tuesday, the S&P 500 fell 1.1% to 5,909.03 after giving up an early gain. The Dow Jones Industrial Average dropped 0.4% to 42,528.36, while the Nasdaq composite tumbled 1.9% to 19,489.68.

Those higher yields make Treasury bonds more attractive to investors who might otherwise buy stocks, which in turn puts downward pressure on stock prices, and the super-safe bonds are paying notably more. The yield on a 10-year Treasury climbed to 4.69% from 4.63% shortly before the release of Tuesday’s reports and from just 4.15% in early December.

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