Asian stocks slumped with U.S. futures, the Treasury yield curve edged closer towards inversion and the yen climbed on Thursday as the investor aversion to risk that's been prevalent for much of the quarter resumed.
The MSCI Asia Pacific Index was on track for the worst back-to-back decline since October, with benchmarks retreating from Sydney to Shanghai. Hong Kong shares were among the worst performers after the arrest of the chief financial officer of China tech giant Huawei Technologies Co. reignited concerns about U.S.-China tensions.
The MSCI Asia Pacific Index slid 1.3 percent as of 11:22 a.m. in Tokyo, down more than 1 percent for a second straight day.
Australia’s S&P/ASX 200 Index fell 0.4 percent, Kospi Index was down 0.9 percent, Japan’s Topix Index dropped 1.6 percent and Hang Seng slumped 2.2 percent.
Futures on the S&P 500 Index slid 1.1 percent.