Shares of telecommunications companies declined as traders bet interest rates were set to rise. The Federal Reserve indicated it was preparing to taper out of the massive bond holdings on its balance sheet, beginning a few months from June.
Shares of China Unicom declined after analysts at brokerage Morgan Stanley cut their ratings on one of China's largest mobile carriers.
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"The market is optimistic about an earnings turnaround, tower monetization and mixed-ownership reform, but [there may be] disappointment for two of the three (earnings and reform) in the next few months," said analysts at Morgan Stanley, in a note to clients.
(-By Rob Curran, firstname.lastname@example.org)
(END) Dow Jones Newswires
July 05, 2017 16:31 ET (20:31 GMT)