In Asian Equity Markets stocks fell for a second day, following the biggest three-day rout in U.S. shares in more than two months, as health-care to technology companies retreated in Japan. Chinese equities rose. Takeda Pharmaceutical Co. lost 7.8 percent after a U.S. jury ordered the Japanese drugmaker to pay $6 billion in punitive damages over claims it hid the cancer risks of its Actos diabetes medicine to protect billions of dollars in sales. SoftBank Corp. lost 3.3 percent and Yahoo Japan Corp. fell 2.5 percent in Tokyo. Great Wall Motor Co. climbed 6.2 percent, leading gains among mainland Chinese stocks listed in Hong Kong. Japan's Topix index slid 1.6 percent today. South Korea's Kospi index and Taiwan's Taiex Index advanced 0.2 percent, while Singapore's Straits Times Index added 0.3 percent. Australia's S&P/ASX 200 Index retreated 0.2 percent. Hong Kong's Hang Seng Index added 0.9 percent and Shanghai Composite Index gained 1.3 percent as mainland Chinese markets reopened following a holiday.
In Currency Markets the yen rose for a third day and a measure of implied rate swings in currency markets fell to a seven-year low as the Bank of Japan refrained from adding extra stimulus at a policy meeting. The BOJ will hold a second policy meeting on April 30, when it releases its latest growth and inflation forecasts. Governor Haruhiko Kuroda said last month the chances are high that inflation will reach the central bank's target of 2 percent next year. The dollar maintained a two-day decline versus a basket of major peers before minutes of the Federal Reserve's March meeting are released tomorrow. New Zealand's dollar gained for a third day against the greenback as falling volatility boosted the allure of higher-yielding assets. The yen reached 102.75 per dollar, the strongest since March 28, and was at 103.01 at 2:00 p.m. in Tokyo, up 0.1 percent from yesterday's close. It gained 0.8 percent in the prior two sessions. Japan's currency added 0.1 percent to 141.58 per euro. The euro was little changed at $1.3743 following yesterday's 0.3 percent gain.
In Commodities Markets West Texas Intermediate crude rebounded amid speculation gasoline supplies dropped for a seventh week in the U.S., the world's biggest oil consumer. Brent was steady in London. Futures gained as much as 0.6 percent in New York, rising for the third time in four days.Gasoline inventories probably shrank by 1 million barrels last week, according to a Bloomberg News survey of analysts before Energy Information Administration data tomorrow. Brent fell yesterday after Libyan rebels surrendered control of two oil ports to the government, allowing for an increase in exports from the OPEC nation. WTI for May delivery climbed as much as 62 cents to $101.06 a barrel in electronic trading on the New York Mercantile Exchange and was at $101.05 at 3:00 p.m. Seoul time. The contract lost 70 cents to $100.44 yesterday. Brent for May settlement traded 32 cents higher at $106.14 a barrel on the London-based ICE Futures Europe exchange.
In US Equity Markets stocks fell, pushing the Nasdaq 100 Index to its biggest three-day retreat since 2011 and erasing the year's gains in the Standard & Poor's 500 Index, as technology shares extended last week's selloff. Pfizer Inc. and American Express Co. tumbled more than 3 percent for the largest drops in the Dow (INDU) Jones Industrial Average. Yahoo! Inc. and Apple Inc. lost at least 1.6 percent to pace declines in technology shares. An index of homebuilders plunged 2.3 percent asD.R. Horton Inc. and KB Home fell more than 2.4 percent. Consumer discretionary shares dropped 1.9 percent, the most among the 10 main S&P 500 groups, after sliding 1.7 percent on April 4. The industry has lost 5.9 percent since a record close on March 6. Financial stocks declined 1.5 percent as all 24 members of the KBW Bank Index fell. MetLife Inc. tumbled 2.8 percent to $51.37 and Morgan Stanley slid 2.8 percent to $29.52. Visa Inc. decreased 2.1 percent to $203.41. Pfizer fell 3 percent to $31.20 and American Express retreated 2.9 percent to $86.60, pacing losses in the Dow.
In Bond Markets the extra yield Treasuries pay over Japanese bonds doubled from a year ago as the Bank of Japan said it's sticking to its plan to push down borrowing costs. Futures contracts indicate traders expect the Federal Reserve to raise U.S. interest rates in September 2015 as the economy improves. The central bank is scheduled to issue the minutes of its March meeting tomorrow, after making a third cut to the debt-purchase program it uses to support the economy. The BOJ will probably boost stimulus in July, according to a survey of economists. The U.S. plans to sell $30 billion of three-year notes today. U.S. 10-year yields were little changed at 2.71 percent as of 7:00 a.m. in London. Japan's 10-year yield rose one basis point to 0.62 percent today. Australia's fell one basis point to 4.08 percent. A basis point is 0.01 percentage point.
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