Asia Stocks Face Headwinds From Wall Street Slide: Markets Wrap

Futures for benchmarks in Australia and Japan declined, while a gauge for US-listed Chinese stocks fell for a fourth straight session. Big tech led losses on Wall Street, with the Nasdaq 100 down 1.5% and S&P 500 dropping almost 1%. Treasury two-year yields, which are more sensitive to imminent Fed moves, hit the highest since 2006. Contracts for US equities were flat in early Asian trading.

In light of the still strong economic data, the hawkish pause and threat of a hike should not be a surprise, according to Seema Shah, chief global strategist at Principal Asset Management. Central banks will be in focus Thursday as well, with officials in the Philippines, Indonesia and the UK set to announce policy decisions. Bangko Sentral ng Pilipinas is likely to lift rates by a quarter point, while Indonesian policymakers are seen keeping rates on hold, according Bloomberg Economics.

Marketing and data automation provider Klaviyo Inc. climbed 9.2% in its trading debut after topping its goal to raise $576 million in an initial public offering that could set the pace for listings by other startups.

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