Asian Shares Spooked By Rising U.S. Yields, Cost Worries

Asian shares fell on Wednesday as a rise in U.S. bond yields to 3 percent and warnings from bellwether U.S. companies of higher costs drove fears that corporate earnings growth may peak soon. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.7 percent to its lowest in almost three weeks, with tech-heavy Taiwan shares hitting two-month lows on worries about slowing semi-conductor demand.
Japan’s Nikkei also dropped 0.7 percent. S&P E-mini futures slipped 0.2 percent. Wall Street shares skidded overnight, with the S&P 500 falling 1.34 percent, the most in two-and-a-half weeks.
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