Investor confidence in booming big business earnings appears to be wearing off.
Global markets are pulling back this morning led by Asia and Europe. This comes as the 10-year US Treasury Yield is pushing above three per cent to reach a four-year high. Analysts expect this to hit 3.5 per cent by the end of 2018.
In overnight trading, the Nikkei fell 0.3 per cent to close at 22,215. Much of the drop is coming from the tech sector. Analysts say consumers seem to be losing interest in smartphones, which is weighting stocks in companies like Apple.
Facebook shares are also down 3 per cent ahead of its first quarter report, which is expected to reflect the recent government pressure the social media giant has come under with the Cambridge Analytica data breach.
Oil is cooling from its rally, steady at 67.83 a barrel.
The Loonie is sliding to 77.66 cents US.
