World Update: Asia stocks stumble on Wall Street losses, dollar sags

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World Update: Asia stocks stumble on Wall Street losses, dollar sags

Asian stocks slipped on Wednesday, dragged by losses on Wall Street as the technology sector stuttered yet again after a brief rebound, while the dollar sagged on lower long-term U.S. yields. Weaker copper also checked risk sentiment. Japan’s Nikkei .N225 fell 0.9 percent with non-ferrous metals producers .INFRO.T suffering large losses after copper’s slide overnight to a two-month low. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dropped 0.9 percent. Australian stocks shed 0.35 percent, South Korea’s KOSPI .KS11 lost 0.65 percent and Shanghai .SSEC retreated 0.7 percent.

The S&P 500 information technology index .SPLRCT barely rose overnight as it gave up much of the 1.4 percent intraday gains. The year’s top-performing sector was still down nearly 4 percent over the past week, with investors shifting money to banks, retailers and other stocks seen as likely to benefit the most from tax cuts promised by U.S. President Donald Trump.

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