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·         Stock futures are flat after Dow slips from record levels

U.S. stock futures were flat in early morning trading on Wednesday after the Dow Jones Industrial Average slipped from its record level amid fears about rising interest rates.

Dow futures rose just 9 points. S&P 500 and Nasdaq 100 futures also both traded in marginally positive territory.

The major averages were pressured Tuesday by rising interest rates, as the U.S. 10-year Treasury yield notched a 14-month high of 1.77%. Bond yields have been on the rise this year amid a strong Covid-19 vaccine rollout and expectations of a broad economic recovery.

·         Asian shares defensive, set for monthly loss on bond rout

Asian stocks were on the backfoot on Wednesday while the safe-haven dollar held near a one-year high as Treasury yields resumed their upward march, hitting sentiment even as Chinese data underpinned signs of a solid global economic recovery.

MSCI’s broadest index of Asia-Pacific shares outside of Japan eased from a one-week high of 682.36 points to be last at 680.04 and still a fair distance away from an all-time peak of 745.89 touched just last month.

For the month so far, the index is down 1.6% to be on track for its first loss in five months. It is poised for its fourth consecutive quarterly gain though it would be the smallest increase since a 21% fall in March 2020 when the coronavirus pandemic brought the world to a standstill.

 

·         Japan stocks end lower as Archegos woes rattle financials

Japanese stocks fell on Wednesday as investors sold financial shares due to growing uncertainty over the fallout from the margin calls that brought down New York-based hedge fund Archegos Capital.

The Nikkei 225 Index ended 0.86% lower at 29,178.80, while the broader Topix dropped 1.21% to 1,954.00.

Mitsubishi UFJ Financial Group Inc fell 3.87%. The bank said after the market close on Tuesday that it may suffer losses of around $300 million at its European subsidiary related to a U.S. client that it did not name.

The warning about losses came only a day after Nomura Holdings stunned investors by flagging a potential $2 billion loss from a single U.S. client. Nomura’s shares fell 2.9%, down for a third straight session.

 

·         China stocks end lower as material, property shares weigh

China stocks ended lower on Wednesday, led by losses in material and property shares, as investors shrugged off data showing manufacturing activity expanded at the quickest pace in three months in March.

At the close, the Shanghai Composite index was down 0.43% at 3,441.91, and the blue-chip CSI300 index slipped 0.91%.

The benchmark index lost 1.9% in March, marking its first monthly loss in six months, while the blue-chip index lost 5.4% this month, marking its worst monthly performance in a year.

·         European markets flat; euro zone inflation data to come

European stocks traded in mixed territory Wednesday, reflecting sentiment in Asia-Pacific and U.S. markets.

The pan-European Stoxx 600 hovered around the flatline in early trade, with telecoms gaining 0.6% while banks slipped 0.3%.

 

·         British food delivery firm Deliveroo slides 30% in market debut

 

·         Covid pushes Lloyd’s of London to $1.2 billion loss in 2020

The coronavirus pandemic pushed Lloyd’s of London to a 900 million pound ($1.24 billion) pre-tax loss in 2020, compared with a 2.5 billion pound profit in 2019, the commercial insurance market said on Wednesday.

 

 

Reference: CNBC, Reuters