Asian stocks retreat ahead of US midterms, oil steadies
SPY•The MSCI Asia-Pacific index excluding Japan fell 0.9% as South Korean shares dropped as much as 3.8%; Brent crude was last down 0.1% at $104.72. Investors were watching the US midterm elections and preparing for the Treasury’s refunding announcement.
1. Asian shares slip
Stocks edged lower at the start of Asian trading, with the MSCI Asia-Pacific index excluding Japan down 0.9% and South Korean shares falling as much as 3.8%. Australian shares rose 0.1%, Taiwanese shares fell 1.3% and Hong Kong’s Hang Seng Index gained 0.3%. US 10-year Treasury yields rose 2.1 basis points to 4.913%.
2. Elections and oil in focus
Investors were watching the US midterm elections, with opinion polls favoring Democrats to win the House while the Senate remained too close to call. Brent crude steadied after falling more than 7% on Monday and was last 0.1% lower at $104.72, as investors weighed the state of US-Iran peace talks.
