Asian stocks fall after Wall Street losses; oil climbs on Gulf tensions

Asian stocks mostly fell on Tuesday following Wall Street losses, while US Treasury yields paused near their highest level in roughly two decades. US futures edged lower, and oil prices climbed amid uncertainties over US-Iran talks and the possible reopening of the Strait of Hormuz. On Monday, the S&P 500 slipped 0.8 per cent, the Dow Jones Industrial Average fell 0.7 per cent, and the Nasdaq composite dropped 0.9 per cent. The 10-year US Treasury yield was around 5.25 per cent early Tuesday, up from about 5.17 per cent last Friday. Brent crude gained 1.8 per cent to USD 99.63 per barrel, well above its late February level of roughly USD 72. Japan’s Nikkei 225 lost 1.2 per cent, South Korea’s Kospi declined 0.6 per cent, and Hong Kong’s Hang Seng dropped 0.5 per cent, where Shein shares fell 11.7 per cent after its adjusted net profit dropped 67 per cent year-on-year. The Shanghai Composite rose 0.1 per cent following China’s State Council discussion on improving macro policy effectiveness.