Asian Stocks Decline to Three-Week Lows as Investors Await US Jobs Data

According to Yahoo News, Asian stocks fell to three-week lows on Tuesday, while bonds and the dollar steadied as investors adjusted their expectations for cuts to U.S. interest rates and awaited U.S. jobs data. The Australian dollar dropped 0.5% after the central bank maintained interest rates and emphasized that future rate direction would depend on data. MSCI's broadest index of Asia-Pacific shares outside Japan decreased by 0.9% in early trading. Japan's Nikkei index fell 1% to a three-week low, primarily due to declining chipmaking stocks. Gold remained above $2,000 after a volatile session on Monday, when it reached a record high in Asia before dropping sharply. Treasuries experienced slight pressure overnight as traders adjusted aggressive pricing for U.S. interest rate cuts. Two-year yields increased by 9.1 basis points and remained steady at 4.64% in Asia trade. U.S. job openings data is scheduled for release at 1530 GMT, with broader hiring figures, which showed signs of a slowdown in the job market last month, to be published on Friday. In Asian stock markets, Hong Kong shares led declines with the Hang Seng index dropping to a new one-year low. The index is trading below its pre-Asian financial crisis high and has fallen nearly 17% in a year when global stocks have risen 15%. In currency markets, the dollar experienced a slight increase overnight after its sharpest monthly decline in a year in November. The euro stood at $1.0837 on Tuesday, just above support at its 200-day moving average. The Australian and New Zealand dollars retreated from multi-month highs on Monday and were slightly weaker on Tuesday.