Asia stocks slide on U.S. debt concerns
MG News | May 22, 2025 at 09:24 AM GMT+05:00
May 22, 2025 (MLN): Asia-Pacific markets fell Thursday, mirroring Wall Street’s losses as investor sentiment weakened over concerns that a new U.S. budget bill could significantly increase the country’s debt burden.
Japan’s Nikkei 225 dropped 1.06% at the open, while the Topix declined 0.85%. South Korea’s Kospi slipped 0.59%, and the Kosdaq fell 0.69%.
Australia’s S&P/ASX 200 was down 0.36%. Hong Kong’s Hang Seng index opened 0.24% lower, and mainland China’s CSI 300 dipped 0.14%.
Investors are also eyeing the upcoming release of New Zealand’s 2025 budget, as CNBC reported.
Stock futures were flat in overnight trading Wednesday following a sharp sell-off on Wall Street.
Futures on the Dow Jones Industrial Average slipped 60 points, while S&P 500 futures and Nasdaq 100 futures remained little changed.
On Wednesday, U.S. markets ended sharply lower. The Dow Jones Industrial Average dropped 816.80 points, or 1.91%, to 41,860.44.
The S&P 500 fell 1.61% to 5,844.61, and the Nasdaq Composite lost 1.41% to close at 18,872.64.
The sell-off was driven by a spike in Treasury yields, as traders worried the proposed U.S. budget would worsen the already substantial federal deficit.
The 30-year Treasury yield rose to around 5.09%, its highest level since October 2023, while the 10-year Treasury yield traded at 4.59%.
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