Asian Stocks Fell Off Record Highs Due To Wall Street Fluctuation, higher Yields From Dollar Firms

Asian equities

Asian stocks has been pulled away from record highs on Tuesday after Apple shares sell-off caused Wall Street to drop lower. Dollar on the other hand found support as U.S. bond yields went up to near four-year highs.

MSCI’s largest index of the Asia-Pacific shares outside of Japan dropped 0.5 percent after climbing up to an all-time high the day before.

Australian stocks went down 0.4 percent, South Korea’s KOSPI shed 0.1 percent and Japan’s Nikkei decreased 0.7 percent.

Hong Kong’s Hang Seng went down 0.2 percent while the Shanghai .SSEC went down 0.3 percent.

The bearish sentiment in Asia followed a milder lead from Wall Street, which has led a worldwide equities rally within the past year due to strong world growth inciting higher corporate profit and stock valuations.

U.S. stocks was taken off record highs on Friday, with the Dow Jones and the S&P 500 indexes reaching their largest one-day percentage downturn in five months, pulled down by a decline in Apple shares.

However, the dollar was experiencing increase from their relentless selling in the past few weeks.

The dollar index was boosted by higher U.S. bond yields. It rose against a basket of six major currencies by 0.2 percent at 89.470 .DXY, having jumped overnight from a three-year low of 88.438 .DXY on Friday while its peers like the Euro outperformed the dollar.

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