A gauge of stocks in Europe slid after material and energy companies led Asia’s benchmark equity index lower and U.S. oil dropped as much as 2.6 percent. Malaysia’s ringgit led a retreat in high-yielding currencies. Standard & Poor’s 500 Index futures slipped, while Treasuries advanced. Senator Ted Cruz won the Iowa Republican caucuses in an upset over billionaire Donald Trump, while Democrat Hillary Clinton was clinging to the narrowest edge over Senator Bernie Sanders of Vermont.
Asian shares fell on Tuesday as crude oil prices slid on oversupply fears and after downbeat manufacturing data raised concerns about sluggish global economic growth.
Japan's Nikkei .N225 ended down 0.6 percent as investors locked in profits after two straight days of big gains following the Bank of Japan's decision to introduce negative interest rates late last week.
"In a bear market, investors would use any rebound to cut equity holdings, and that has been the trading pattern recently," said Zeng Yan, an analyst at Zhongtai Securities. "There are no changes in fundamentals: yuan depreciation concerns are still there, the economy remains in bad shape, and market liquidity tends to be tight."
Markets were little fazed by results of Iowa's Republican presidential nominating primary election, in which U.S. Senator Ted Cruz beat billionaire Donald Trump. On the Democratic side, former Secretary of State Hillary Clinton was in a virtual tie with rival Bernie Sanders.
Reference: Reuters
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