Geopolitics were also in focus after fresh developments out of North Korea. Pyongyang said on Wednesday This kind of would likely reconsider an upcoming landmark meeting if the U.S. insisted on This kind of giving up its nuclear weapons, Reuters said, citing North Korean media.
Earlier, North Korea had suddenly dropped plans for talks with South Korea slated to take place on Wednesday. Joint military drills between South Korea and also also also the U.S. were highlighted as a reason for the cancellation of talks, Reuters reported, citing North Korea’s state-run Korean Central News Agency.
In currencies, the dollar index, which tracks the U.S. currency against a basket of rivals, was gave up some overnight gains after firming to its strongest levels since December inside the last session. The dollar index last stood at 93.263 at 2:52 p.m. HK/SIN after rising as high 93.457 on Tuesday.
Against the yen, the dollar traded at 110.25 — near levels not seen since February.
The tepid performance in Asia came after U.S. stocks closed lower on Tuesday, with the Dow Jones industrial average snapping eight consecutive days of gains.
The yield on the benchmark 10-year U.S. Treasury note rose to 3.09 percent on Tuesday, its highest level in around seven years. that will followed the Discharge of solid data overnight: Retail sales stateside for April were in line with forecasts, rising 0.3 percent.
The 10-year U.S. Treasury yield was at 3.06 percent in Asia afternoon trade.
“Why This kind of is usually significant, is usually that will if bonds are embarked on a journey to higher yields, then the recent outflows via troubled emerging market countries (Argentina, Turkey, Indonesia) could become even greater,” ING Chief Economist Robert Carnell wrote in a note.
Others market participants, however, said rising rates were not necessarily negative for emerging markets.
“Frankly, This kind of’s been so much discussed, This kind of is usually completely priced in. There’s no surprise. We all know that will these rates are rising. The question has always been about the pace,” Karine Hirn, partner at emerging markets manager East Capital, told CNBC’s “Squawk Box.”
Oil prices traded lower as markets focused on U.S. crude stockpiles along with the potential impact of U.S. sanctions on Iranian oil exports. U.S. crude futures edged down by 0.46 percent to trade at $70.98 per barrel and also also also Brent crude futures shed 0.29 percent to trade at $78.20.
In individual movers, dairy company A2 Milk slumped 13.74 percent in fresh Zealand after announcing This kind of expected full-year revenue to come in between 900 million fresh Zealand dollars ($618 million) and also also also NZ$920 million ($631 million). that will was below a Thomson Reuters forecast of NZ$940 million.
In Australia, shares of Myer jumped 16 percent after the department store operator reported that will its third-quarter sales declined 2.7 percent. that will was slower than the 3.6 percent drop inside the first half of the year, Reuters reported.