Foreign exchange traders monitor screens in Tokyo, Japan. Picture: GETTY IMAGES/CARL COURT
Selling was heaviest in Hong Kong, where the Hang Seng tech index fell 4% and dragged the broader market down 2%. That followed a 2.55% fall on the Nasdaq overnight, and Nasdaq 100 futures lost a further 1% in Asia trade. A host of Federal Reserve speakers this week will be closely watched by markets to assess how authorities are likely to respond to receding risks posed by the coronavirus in some economies.
Five-year TIPS break-evens hit 2.717% overnight. Benchmark 10-year treasury yields eased slightly to 1.5914% in Asia trade. Jim McCafferty, head of equity research in Asia at Nomura, said pressure on the tech sector as governments look to curtail big tech’s influence and find cash to foot the bill for stimulus spending was another factor weighing on the market.