Asian stocks headed for their lowest close in a month, hit by renewed concerns about a global banking crisis. Robust earnings from Microsoft Corp. and Alphabet Inc. buoyed US futures.
An Asia share gauge fell for the fourth session in a row Wednesday, with financial stocks among the biggest losers.
Iron-ore miners and steelmakers also slipped as iron ore earlier dropped below $100 a ton for the first time since December, a signal of a frail recovery for China’s commodities demand.
A selloff in Chinese stocks showed signs of easing as focus shifted toward potential fresh policy support from Beijing.
The benchmark CSI 300 Index shed 0.2% before the lunch break, while the MSCI gauge of Chinese shares climbed 0.6% after a six-day loss.
Sentiment was better in South Korea after battery maker LG Energy Solution Ltd. posted first-quarter net income that beat analysts’ estimates and Apple Inc.-supplier SK Hynix Inc. forecast a rebound in the memory-chip sector later this year.
US futures recovered from Tuesday’s losses following better-than-expected earnings from Microsoft and Alphabet after markets closed in New York. The S&P 500 had slid 1.6% Tuesday and the Nasdaq 100 ended 1.9% lower. -BLOOMBERG
