Tokyo, Aug 26 (AP) Asian shares fell across the board Tuesday, taking their cue from a broad decline on Wall Street that reversed some of the big gains notched last week on hopes for interest rate cuts from the Federal Reserve.
Japan's benchmark Nikkei 225 dove 1.1 per cent in morning trading to 42,342.28. Australia's S&P/ASX 200 declined 0.3 per cent to 8,949.40.
South Korea's Kospi lost 0.8 per cent to 3,184.70 after data showed improved consumer sentiment, strengthening expectations that the central bank won't move on interest rates. Hong Kong's Hang Seng shed 0.2 per cent to 25,766.68, while the Shanghai Composite slipped 0.1 per cent to 3,878.24.
On Wall Street, the S&P 500 fell 0.4 per cent Monday, but remains near its all-time high. The Dow Jones Industrial Average closed 0.8 per cent lower after setting a record high on Friday. The Nasdaq composite closed 0.2 per cent lower.
Selling was widespread, with health care stocks among the biggest drags on the market. Pfizer fell 2.9 per cent and Eli Lilly and Co. slid 2.3 per cent.
Gains for several big technology stocks helped temper the market's losses. Alphabet, Google's parent company, rose 1.2 per cent. Technology heavyweight Nvidia rose 1 per cent.
Treasury yields rose in the bond market following their big drop on Friday amid expectations that the Fed will cut its benchmark interest rate in September.
The yield on the 10-year Treasury rose to 4.28 per cent from 4.25 per cent late Friday. The two-year Treasury yield rose to 3.73 per cent from 3.70 per cent late Friday.
Wall Street is still overwhelmingly betting that the Fed will cut interest rates at its next meeting in September. Traders see an 84 per cent chance that the central bank will trim its benchmark rate by a quarter of a percentage point, according to data from CME Group.
In the latest news related to the Federal Reserve, President Donald Trump said he's firing Lisa Cook,a member of the Federal Reserve's board of governors, amid mortgage fraud allegations, opening a new front in the fight over America's central bank.
The S&P 500 fell 27.59 points to 6,439.32. The Dow lost 349.27 points to close at 45,282.47. The Nasdaq slid 47.24 points to 21,449.29.
In energy trading, benchmark US crude lost 32 cents to USD 64.48 a barrel. Brent crude, the international standard, declined 28 cents to USD 68.52 a barrel.
In currency trading, the US dollar dipped to 147.31 Japanese yen from 147.71 yen. The euro cost USD 1.1644, up from USD 1.1623.
This report includes content sourced from Press Trust of India (PTI), edited for clarity and context.
