- When fears of a banking crisis reappeared, Asian stocks plummeted in response to falls in US markets. Microsoft and Alphabet reported strong profits, which boosted US futures.
- While benchmark indexes from Hong Kong to Japan to Australia all fell, an Asia share barometer headed for its lowest closing in a month. Asia's iron-ore miners and steelmakers also slumped as iron ore dipped below $100 a tonne for the first time since December, indicating a shaky recovery in China's commodity demand.
- After better-than-expected earnings from Microsoft and Alphabet after markets closed in New York, US futures recovered from Tuesday's losses. The S&P 500 fell 1.6% on Tuesday, while the Nasdaq 100 fell 1.9%.
- In Asia, Treasuries were barely changed after the benchmark 10-yr yield fell 9 bps and the policy-sensitive 2-yr yield plummeted 13 bps on Tuesday.
- Australia's bonds rose and the Australian dollar fell after the country reported that core inflation declined in March. New Zealand debt has also increased. The dollar has levelled off after rising on Tuesday as investors sought safe havens.
