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Hong Kong leads Chinese losses as Nasdaq 100 futures fall back

Overnight stock markets in Asia have turned red and the losses are being led by the Hang Seng in Hong Kong, which is down by more than 1.75% as I write. That fall has even dented the Nikkei, as it seems to derail its most recent gains and fall back from the 34 year highs to above 36k yesterday. The impact of all this has not been lost on the US futures and all three major indexes are in the red this morning too. This has all delivered a rush to the dollar, but more on that in a minute. Of course the US markets were closed yesterday for the Martin Luther King holiday. Another reason for the US equity futures to be under pressure this morning is due to a rebound in US yields.The 10 Year note is now re-approaching 4%. The Nasdaq 100 last closed on Friday at 16,832, with a meagre gain of just 12 points on the day. The current futures price is now indicating a reopening for this afternoon at below 16,750

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