Investing.com - Asian equities traded slightly higher following a decline in U.S. stocks overnight. Volatility was limited however as market range bound in early trade.
The Dow and the S&P 500 snapped their six-session winning streak as Walmart (NYSE:WMT) reported slowing online sales growth and saw its shares plunge 10.18%, its biggest drop in 30 years. The dollar’s momentum continued as yields on U.S. treasury debt rose to four-year high.
The Nikkei opened lower but recouped its losses and was trading 0.47% higher by 9:15 pm ET. The yen continued its retreat from recent highs and was cited as supportive for Japanese equities.
Meanwhile, mainland Chinese markets remained closed for Lunar New Year holiday, while the Hang Seng Index opened higher and gained 0.73% in early trade.
In Korea, Lotte Holdings made headlines as its head Shin Dong-bin has reportedly offered to quit as chairman at its Japan-based holding firm, following his arrest for bribery earlier this month.
Elsewhere, the S&P/ASX 200 also saw very limited volatility, but index heavyweight BHP Billiton fell 4.7% as investors responded to the softer tone set in London market overnight following the release of their results report.
News flow in Asia morning was light otherwise, as investors await minutes from the most recent meetings of the Federal Reserve, which are due later today.