(Bloomberg) — U.S. and European stock futures dropped and the yen advanced, retracing some of the previous day’s moves as traders continue to test where fundamental valuations lie amid rapidly changing news flow.
An early rally in Hong Kong stocks fizzled, leaving equities mixed across the Asia Pacific. The Sydney market lost more than 6%, while shares in Tokyo advanced about 3%. S&P 500 futures fell after the index gained 6% on Tuesday. Australian and Japanese bond yields were higher, while the sell-off in Treasuries appeared to ease. As the Trump administration moves toward a big fiscal package and the