A customer is paying attention to the Chinese stock market at a stock exchange in Hangzhou, China, on January 22, 2024. (Photo by Costfoto/NurPhoto via Getty Images)
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Asia-Pacific stocks declined Wednesday after a mixed session, with markets watching for moves in electric vehicle makers.
Tesla’s first-quarter vehicle deliveries dropped 8.5% from a year ago, sending shares of the U.S. EV maker down 5%. Chinese EV maker BYD said first-quarter sales plunged 43% quarter-over-quarter.
Investors will also monitor data on China’s service sector.
Declines on Wall Street also hit sentiment as stubborn inflation figures last week and strong economic data Monday pushed Treasury yields higher and reduced odds of the U.S. Federal Reserve cutting interest rates in June.
Japan’s Nikkei 225 is down over 1.3% on its open, with the broad based Topix 0.82% lower.
South Korea’s Kospi also slipped 0.8%, while the small cap Kosdaq down by 1.24%.
Futures for Hong Kong’s Hang Seng index stood at 16,907, pointing to a marginally lower open after the index ended more than 2% higher at 16,931.52.
In Australia, the S&P/ASX 200 fell 0.75%, extending its declines from the previous session.
The Dow Jones Industrial Average fell for a second day as bond yields rose and expectations that the Fed would cut interest rates in June fell.
The Dow closed nearly 400 points, or 1% lower, while the S&P 500 slid 0.72%. It was the worst day since March 5 for the Dow and the S&P 500. The Nasdaq Composite shed 0.95%.
— CNBC’s Pia Singh and Lisa Kailai Han contributed to this report.
Source link: https://www.cnbc.com/2024/04/03/asia-markets-live-updates-ev-makers-federal-reserve-china-data.html