U.S. stock futures dropped and the yen advanced in early Wednesday trading in Asia, retracing some of the previous day’s moves as traders continue to test where fundamental valuations lie amid rapidly changing news flow.

Australian bond yields climbed after a tumble in Treasuries Tuesday. At one point rates on U.S. 10- and 30-year bonds shot up more than 36 basis points, their biggest one-day increases since 1982. Futures were higher in Japan and Hong Kong after the S&P 500 Index gained 6%, though Australian shares opened lower. As the Trump administration moves toward a big fiscal package, Treasury Secretary Steven Mnuchin warned the coronavirus could send U.S. unemployment up to 20% without government intervention.

SINGAPORE Airlines (SIA) on Tuesday announced a fresh round of flight cuts as travel restrictions continue to surface amid the global Covid-19 pandemic. The latest suspensions mean that the carrier will operate at only half the capacity that had been originally scheduled up to end-April, said the carrier in a statement. SIA is expecting to make further cuts to its capacity given the growing scale of the border controls globally and its "deepening impact" on air travel.

MOODY'S Investors Service has placed its A3 issuer rating on mainboard-listed Genting Singapore on review for a downgrade, the credit rating agency said in a research note on Monday. The review follows Malaysia's announcement that it is restricting movement nationwide for two weeks from March 18 to fight the Covid-19 pandemic.

SASSEUR Real Estate Investment Trust's (Sasseur Reit) manager on Tuesday reported "encouraging" first-day reopening sales at its outlet malls reopened since they were shuttered amid the coronavirus outbreak. The four malls in China brought in sales totalling 11.5 million yuan (S$2.3 million) on their respective reopening dates, a 129 per cent increase from the corresponding dates a year ago.

HOSPITALITY group Banyan Tree Holdings has formed a 50-50 joint venture (JV) with Myanmar Treasure Hotel & Resort Group (Htoo Hospitality) to initially manage 17 of the latter's hotel properties. Htoo Hospitality is the hospitality division of Myanmar business tycoon U Tay Za's Htoo Group of Companies. It currently owns 15 hotels and resorts, with two in the pipeline.

MAGNUS Energy Group saw its net loss narrow to S$1.2 million for its second quarter ended Dec 31, 2019, from S$1.9 million a year ago. This came as the oil and gas firm saw a drop in its cost of sales and a rise in other operating income for the quarter, according to its financial results released on Tuesday just after midnight.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR