Modupe Gbadeyanka
By investors Hub
Asian stocks fell across the board on Tuesday as oil extended declines and U.S. bond yields rose to their highest levels in nearly four years on concerns over higher inflation and a rise in interest rates.
China’s Shanghai Composite index dropped 34.81 points or 1 percent to close at 3,488.19, while Hong Kong’s Hang Seng index tumbled 359.60 points or 1.1 percent to 32,607.29.
Japanese shares closed lower, with a softer lead from Wall Street, a stronger yen and mixed data releases weighing on the markets.
The Nikkei 225 index fell 337.37 points or 1.4 percent to 23,291.97, extending losses for a fifth straight session. The broader Topix index closed 1.2 percent lower at 1,858.13.
Japanese household spending eased 0.1 percent in December from a year earlier and the unemployment rate rose slightly, while retail sales rose strongly in the month on increased spending on cars and clothes, separate reports showed.
Exporters Sony and Panasonic fell about 2 percent as the dollar eased against the yen. Renesas Electronics shed 0.7 percent after the company denied a report that it was in talks to acquire Maxim Integrated Products Inc. for about $20 billion.
Energy major Inpex lost 2.6 percent and Japan Petroleum Exploration slumped as much as 6 percent after crude oil prices fell overnight. Japan Display gave up 0.8 percent on reports that Apple Inc. will slash its production target for its iPhone X.
Australian shares fell sharply, dragged down by banks amid expectations that central banks globally will reduce stimulus, buoyed by improving macroeconomic conditions.
Investors ignored the latest survey from National Australia Bank showing that business confidence in Australia saw its biggest monthly rise since July in December.
The benchmark S&P/ASX 200 index dropped 52.60 points or 0.9 percent to 6,022.80, while the broader All Ordinaries index ended down 52.30 points or 0.9 percent at 6,135.30.
Banks ANZ, NAB and Westpac fell between 0.4 percent and 0.7 percent, while mining giant BHP Billiton declined 1.3 percent and Rio Tinto shed 0.7 percent after a drop in Chinese iron ore futures.
Fortescue Metals slid 0.4 percent after the company reported an 8 percent decline in iron ore shipments for the December quarter. Gold miner Newcrest Mining retreated 1.8 percent after keeping its full-year guidance unchanged.
Energy majors Oil Search, Origin Energy, Woodside Petroleum and Santos dropped 1-2 percent as oil prices fell for a second day on concerns over rising U.S. output. Education provider Navitas plunged 9.4 percent after reporting a steep fall in revenue and profits for the first half of the year.
