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Asian stocks fall as Treasury yield fans economic growth concern

Pic Reuters

Quarterly results are expected this week from 181 S&P 500 companies, including technology heavy-hitters Facebook Inc, Microsoft Corp, Amazon.com Inc and Intel Corp.

The dollar camped near seven-week highs against a basket of currencies on Tuesday after it gained a boost from the rise in the USA 10-year Treasury yield toward the psychological barrier of 3 percent. Alphabet, Google's parent company, slid after it reported greater revenue but also an increase in spending.

THE QUOTE: "The U.S. dollar has put on a compelling show overnight as the stars align on the back of higher U.S. yields and a considerable reduction in the U.S. dollar's geopolitical risk premium as an outwardly calmer mood surrounding trade and geopolitical risk takes hold", Stephen Innes of OANDA said in a commentary. The dollar index last stood at 91.035, up 0.1 percent on the day. The Nasdaq composite gave up 17.52 points, or 0.2 percent, to 7,128.60.

Platinum increased 1.6 percent to Dollars 932.10 an ounce, earlier dropping to USD 910.50, a 2-1/2-week low.

As growth outside the U.S. decelerates (while United States growth remains strong), bond yields are starting to have an influence on riskier investments. Its consumer confidence index is near 18-year highs. Yesterday, both house prices and new home sales were ahead of expectations. Should it climb above 3.041 percent, its peak in January 2014, it will likely move into territory last seen in summer 2011. That helped energy companies finish higher. Appliance maker Whirlpool also surpassed expectations and rose 5.9 percent to $159.17.

Platinum slid $15 (-1.6%) to $915/oz. 3M, which makes Post-it notes and industrial coatings and ceramics, shed 6.9 percent to $201 after it cut its annual forecast. Bond prices are now going lower and yields are dropping.

Very Warm Wednesday, Cold Front Tonight
As does the higher humidity and the cloudy skies.all of which decreases the amount of evaporation from ground fuels. Wednesday is starting out mostly sunny, but clouds are going to be on the increase through the afternoon.

The yield on the two-year Treasury note also set a multiyear record Tuesday, topping 2.5 percent for the first time since September 2008.

But as long as yields are a "natural byproduct of better economic activity" and moderate inflation, it shouldn't override the upbeat earnings companies have been reporting, he said. Copper lost 0.8 percent to $3.11 a pound.

Rising debt yields could tempt portfolio managers to move money into safer fixed-income securities at the expense of riskier assets like stocks and emerging markets as the Federal Reserve continues on its path to raise benchmark USA interest rates. Shire's board indicated that it would recommend that proposal to its shareholders, Takeda said in a statement.

Shares of Halliburton and Hasbro rose Monday after reports, while Kimberly-Clark retreated.

Understand this: the bond market, at times, is more important than the stock market.

This week, the US Dollar Index futures for June settled at 90.075 which is an increase of 0.64%. The euro rose to $1.2216 from $1.2205. USA stocks are mixed Monday morning as health care and industrial companies make gains and energy companies slip with oil prices. Brent crude, used to price worldwide oils, gained 0.9 percent to $74.71 per barrel in London.

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