Asian Futures Pace U.S. Lower as Kiwi Drops After Rates

Asian equity futures followed U.S. stocks lower as Treasury yields rose and investors weighed the outlook for global stimulus and economic growth. Crude dropped and the yen strengthened versus the dollar, while New Zealand’s currency fell after the central bank said it was overvalued.

Nikkei 225 Stock Average futures slid 1.8 percent and Hang Seng Index contracts fell 0.6 percent after a holiday in Hong Kong yesterday. Standard & Poor’s 500 Index futures rose less than 0.1 percent after the gauge retreated a third day in New York. Ten-year Treasury yields approached a 14-month high as the U.S. sold notes at the highest yield since 2011. The so-called kiwi lost 0.5 percent after Reserve Bank of New Zealand Governor Graeme Wheeler said the currency is too strong and left benchmark interest rates at a record low.