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Asian Shares Snap Eight-Day Win Streak as Reflation Trades Fade

  • Liquidity flowing back into bonds in ‘slight reversal’: KGI
  • Financials lead sell-off after rise in Treasury yields
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Asian stocks retreated from a 21-month high after U.S. equities dropped the most since November’s presidential election amid concern that Donald Trump’s growth policies won’t pass Congress.

The MSCI Asia Pacific Index fell 1.4 percent as of 4:24 p.m. in Hong Kong. The biggest drop since Dec. 15 ended a streak of gains at eight sessions. Financial stocks were the biggest drag after Treasury yields slid for a fourth day and the yen gained for a seventh day. Real estate was the only group bucking the decline, with Hong Kong’s Henderson Land Development Co. rising after announcing a bonus share issue and profit that beat analyst estimates.