Stocks in Asia dropped Wednesday as the positive sentiment at the start of the week faded for lack of fresh data alleviating global growth concerns. The pound held losses as the U.K.'s Brexit woes deepened anew.
Shares posted losses across the region, with the heaviest declines coming in Japan, while futures signaled lower starts in Europe and the U.S. Earlier, the S&P 500 Index closed slightly higher. Treasuries and the dollar steadied after yields fell Tuesday in the wake of softer inflation data that bolstered bets the Federal Reserve will remain patient. Australia’s dollar weakened with bond yields after weak consumer confidence data reinforced a deteriorating outlook for the economy. The yen edged higher.
The MSCI Asia Pacific Index fell 0.7 percent at 12:26 p.m. in Tokyo. Japan’s Topix index slipped 1.2 percent. Hong Kong's Hang Seng Index fell 0.5 percent.
Australia's S&P/ASX 200 Index declined 0.5 percent. Shanghai Composite slipped 0.3 percent. South Korea’s Kospi index declined 0.9 percent.