The MSCI Asia Pacific Index slid 0.1 per cent to 151.43 as of 9:01 am in Tokyo. While a successful auction of three-year debt helped arrest the slump in U.S. Treasuries, bonds from Europe to Japan were sold off Tuesday amid a rout that has erased more than US$450 billion in value from the global market. The Stoxx Europe 600 Index sank 1.3 per cent, while the Standard & Poor's 500 Index lost 0.3 per cent.
"Rising bond yields are making equities less attractive," Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which manages US$124 billion, said by phone. "Markets don't go up in a straight line and after a while they get vulnerable to a pullback and this is what's happening here. This is a correction and not the start of a bear market. We're still seeing fairly constrained global growth and central banks are still running very easy monetary policies."
Japan's Topix index lost 0.6 per cent. South Korea's Kospi index added 0.2 per cent. Australia's S&P/ASX 200 Index increased 0.1 per cent. New Zealand's NZX 50 Index gained 0.3 per cent. Markets in China and Hong Kong have yet to open.
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