SINGAPORE — Shares in Asia-Pacific declined in Friday morning trade as investors watch bond yields as well as technology stocks in the region.
In Japan, the Nikkei 225 slipped 0.92% in early trading. The Topix index shed 0.62%. South Korea's Kospi fell 1.25%.
Meanwhile, stocks in Australia also declined, with the S&P/ASX 200 down 1.07%.
MSCI's broadest index of Asia-Pacific shares traded 0.55% lower.
Powell comments
On Thursday, U.S. Federal Reserve Chair Jerome Powell said the economic reopening could "create some upward pressure on prices." He said he expects the central bank to be "patient" in terms of acting on policy, even if the economy sees "transitory increases in inflation."
Powell noted, however, that the recent rise in yields did catch his attention, as have improving economic conditions.
Bond yields rose again following Powell's comments. The benchmark 10-year U.S. Treasury yield last stood at 1.5693%.
Tech stocks decline
Technology stocks in Asia in Friday morning trade fell further from their Thursday tumble.
Shares of Japanese conglomerate SoftBank Group dropped 3.07% while South Korean chipmaker SK Hynix declined 3.17%.
Those moves came after the Nasdaq Composite fell 2.11% to 12,723.47 on Thursday — turning negative for 2021.
The S&P 500 closed 1.34% lower at 3,768.47 while the Dow Jones Industrial Average declined 345.95 points to finish its trading day at 30,924.14.
Currencies
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 91.631 following a rise from levels below 91.2.
The Japanese yen traded at 107.94 per dollar, weaker than levels below 107.4 against the greenback seen yesterday. The Australian dollar changed hands at $0.7717, off levels around $0.783 seen earlier in the week.
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March 05, 2021 at 06:45AM
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Asia-Pacific markets decline; technology stocks slip as Nasdaq turns negative for 2021 - CNBC
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