## Asian Markets Decline Following Wall Street's Worst Day in Weeks
Asian shares mostly declined on Wednesday, mirroring Wall Street's downturn after the US market ended its record-breaking bull run with its worst day in weeks.
Concerns Spread to Asia
Analysts expressed concerns that anxieties rattling Wall Street might spread to Asia, despite recent positive economic signs from China. The Chinese government has set an ambitious target of around 5% economic growth this year, aiming to overcome recent troubles in the property sector and lingering pandemic disruptions.
US Market Performance
On Wall Street, the S&P 500 fell 0.7%, its worst day in four weeks, after setting an all-time high last week. The Dow Jones Industrial Average lost 1%, and the Nasdaq composite fell 1%. Health insurance companies and Tesla led the market lower.
Reduced Rate Cut Expectations
Traders have significantly reduced their expectations for the number of interest rate cuts the Federal Reserve will make this year, halving them from a forecast of six at the start of the year. This aligns with the three cuts hinted at by Fed officials. However, some investors believe the Fed may deliver only two rate cuts this year due to the stronger-than-expected US economy.
Bond Market and Bitcoin
In the bond market, the yield on the 10-year Treasury rose to 4.35%, while the two-year yield slipped to 4.69%. Bitcoin fell 5.4%.
Energy and Currency Trading
Benchmark US crude added 3 cents to $85.18 a barrel, while Brent crude rose 10 cents to $89.02 a barrel. In currency trading, the US dollar rose to 151.61 Japanese yen, and the euro cost $1.0775.